Heavy Convergence observed in Wipro additionally It's taking support from Fib level 0.618 and we can see a kind of cup and handle pattern in 2 hour candle too many bullish signals. Taking a long position and holding for sometime
Question on Wipro Futures
Stock has down and out for quite sometime with sustained selling.
Its now approaching an important support of 531-524 zones.
Keep an eye on this level, Risk takers can look to go long near this zone.
this is trail of my new stretegy for stocks which results are coming please dont trade . as wipro result is coming on 12 jan . if price come to our demand zone near result days then it will give a good bounce.hope for best .thanku
Wipro: We have seen strong Demand Imbalance causing good bull Run.. but "Shortening of Demand thrust" indicates a small Reversal or correction.
Big correction is due as per Elliott analysis.
Trade Facilitation to the upside is good, so far.. but it has to breakout from the current balance, if not - Look below and fail, or Look below and accelerate..
Hence...
Wipro seems to have completed a W-X-Y correction at its recent lows. Note that X wave is a triangle which is clearly evident. The subsequent upmove can be charted out as an 1-2 with waves 3-4-5 still awaited
A lot of the India IT stocks are headed up - see recent posts on Mindtree/TCS
