Tech Mahindra trading in its bearish channel, and continue to struggling to break channel but unable to break channel to move upward, we may see a slight upward movement up to its channel resistance 440.00, if it breaks 440.00 then trend will get change otherwise it will target to its long term support 407.13, this level is very crucial and will decide further...
Tech Mahindra (405.50) :
Tech Mahindra has formed double bottom around 405 level and bounced back from there. One can buy stock around 430-435 levels with stop loss of 405 (Closing basis) for Target of 480-490 in next 8-10 weeks.
T.T. - Traditional Trendline
There is always a lesson to be taken home & become a more wise trader rather than playing for small movements. Here is the lesson which TECHM offered us
When I came up with a tripple correction sequence unfolding in the stock few days back -I was very clear in my plans that we should look to buy TECHM only if it goes above 476.50...
I shall be out for the day.
As per the previous update shown below - "TECHM: Tripple Correction to End@451. 30" - we were having a view that TECHM looks to finish this correction once it starts moving above 476.50 but look how smartly 476.50 acted as resistance- In prior sessions TECHM tried crossing 476.50 but made a high@474.70 which was slightly below 476.50A...
There is a tripple correction, which started from high@564 & looks like it has ended@451. 30 recent low, but not confirmed yet so we will wait for the falling trendline to be broken or Move Above 476.50 -key level- any move above, shall give a clue that tripple correction WXYXZ has ended -which ultimately has ended "d' -wave of the triangle as per previous update.
From Highs @748 - TechMahindra could be in corrective sequence A-B-C where B-Wave is shaping as the Triangle & Once e-wave within B-Wave Triangle is done, which comes in the zone 520-530 then C-Wave will start on downside & can travel between 340--350 where C-wave will travel 61.8% of A-Wave.
The concept lying behind this post is how to trade with Elliot waves and use it to our advantage, with simple known techniques. Many will have doubts on how Elliot Wave count is done.It's as simple as 1-2-3, I will explain step by step. This is gonna be Learn n Practice post, so with each step mentioned, you draw & analyze along with Me, So that you can learn more...
After a breakout from a big rectangular consolidation, it signals a sell for now to a target of 480. The target has been measured (as shown in purple arrow) that matches with support levels. keep a Stoploss 1 499
It is been a while that the price action is been consolidating and now expecting a big breakout. I believe it will be a good move to ride on and I'm posting it now to keep a track on it.
Hi Guys,
We have simple bearish trend continuation setup and TECHM is facing some good resistance around 500 levels, as per my trade plan its good to go short from here with targets around 480's.
Hit Like button to keep me motivated to post more ideas...Thanks for your support !
Happy Trading !!
