WIPRO could go long from this price range. Downside risk is very low while upside potential is very high. CMP is at 200 day MA and crucial Fib Retracement level. For 1-2 months timeframe, we could expect a ₹20 - ₹30 on the upside. If CMP goes below ₹380, exit positions and wait till ₹350.00 to make new entries.
For those who can hold for 6 months to 1 year time,...
CMP coincides with downside of 200MA, 50% Fibonacci level and current RSI level at previous resistance level. Daily candle in the range of previous support now turned resistance. Short term selling could be seen.
Bank Nifty at critical support (52 week low level) and Fibo 78.5%. RSI in oversold territory.
Negatives:
Bearish biased market conditions
Russia-Ukraine crisis
Current Market Price far below 200 day MA
Positives:
High chances of Russian invasion coming to an end
Oil prices could plunge with more supply.
Already oversold market.
Markets could recover more than...
4 hour and 1 hour charts in oversold territory. Descending trendline and previous support level now acts as immediate support. Pair could retrace to 1.09800 level before confirming the new move from there. If current support level is breached, we could see the pair dive towards 1.09250 level.
RSI descending trend line resistance met. 4 hour and 1 hour charts in over bought territory. Currently trading at previous support turned resistance level. Fibonacci Retracement level 50(0.5) reached.
