WIPRO has now confirmed a swing set up which we call the Aim & Shoot. One can look to buy this stock above yesterday high of 287, and for this trade stop loss should be at 282. These strategies are a part of my Mentorship setups, more of which you can know here - https:/www.abhijitpaul.com/training/mentorship/
Wipro has formed bearish H&S on 30 and 60 minutes chart. Breakout has already taken place. Short moving averages has crossed over to the down side. Volume on breakout is quite high. We'll sell below 280 (ensuring lower top lower bottom) with stop loss above 289 for target of 271 & 260
PRICE IS MOVING IN A PARALLEL CHANNEL
PREVIOUSLY WHEN PRICE TOUCHED THE CHANNEL TREND LINE IT FORMED A ENGULFING CANDELSTICK PATTERN
298 SUPPORT TURNED INTO RESESTENCE WITH A GRAVE STONE DOJI
ONCE 282 IS BREACHED ,THE NEXT TARGET WOULD BE 267
- Looks like wipro has taken support from its all time trend line
- However, volume seems to be big of concern
- Dropping volume indicates that its more likely to fall than rise
- Further I don't see any respite coming through in USD
- If it breaks 280 level and the breakout is sustained, the next target shall be 255 levels
Bullish Bat pattern on 4H Chart of WIPRO. BUY 280-281.
I starting learning Harmonics some days ago and just observing currently, how the price action works here and thereby trying to refine on my Target(s) & SL levels, which I'll be posting when I get proficient enough to.
After a move from 250 to 300 levels, now Wipro seems to be consolidating for another big move.
As of now prices are moving in channel form. Breakout in any direction will give us entry reason and could give some handsome profit.
I see a positive bias in Wipro because there is a huge OI built up in 290 PE so this will act as a strong support for the stock.