Hello Traders and Investors, i hope you all will be doing good.
I have brought an analysis on Tech Mahindra, i hope it will be beneficial to you guy's,
So let's start:-
As we have seen a Neat and Clean solid Breakout of Tech Mahindra stock after a long Accumulation Phase.
Do you guy's know What is an Accumulation Phase?
Okay i will write what i know about...
'TECHM' Weekly Wave Counts
completed a 5 wave structure from the low of 2009 and
now the correction phase is ongoing.
It should retrace at least 0.382 of the previous wave which is nearly at 470.
Which means more than 50% move could be seen to downside from here.
Trade at your own risk.
Happy Monday.
For long term looks positive with retracement level on weekly time frame and monthly time frame.
IT going to boom ahead as it is underperforming till now.
#TECHM has retraced to the breakout (BO) zone and appears to be finding some support at that level. It might be a good opportunity to consider entering a long position on a bullish candle with a stop-loss (SL) set below 1060 to manage risk.
The area around 1155 (yellow horizontal line) is an important resistance on daily timeframe
It was broken on 5 july with higher than average volume
The next immediate resistance was 1199 (pink horizontal line) , which is now broken again with a good higher than average volume
On a 2 hrly time frame , inverted H&S pattern has also been formed (neckline is blue line...
The Diamond Bottom pattern is a technical analysis pattern often used by traders to identify potential trend reversals in financial markets. It is characterized by a series of higher highs and lower lows that form a broadening pattern, followed by a narrowing trading range and an eventual upward breakout.
During a downtrend, the price action forms higher highs...
SWING TRADE OPPORTUNITY
Stock has corrected last year by approx 50% from its high, and then consolidating from last year. Stock clearly gives breakout of this consolidation to give some good upward move.
It is constantly taking supports from moving averages.
Note: All IT stocks like infosys, TCS, etc seem to be giving new breakouts, looks like new uptrend...
Chart -> Tech Mahindra Weekly
After a sharp downtrend, huge consolidation, now ready for an uptrend as stage-2 breakout is on the chart.
CMP: 1230
Good Range To Buy: 1165 to 1230
Targets: 1365, 1580
SL: 1130 Weekly Close
Disclaimer: This is for educational purposes only, not any recommendations to buy or sell. As I am not SEBI registered, please consult your...
Tech Mahindra can move towards 1500 and then 1700+ levels as it has broken out of 1 year of consolidation of weekly chart. Best buy price would be 1170-1190 for this.
