Price has reacted to a Fresh 3 Month Supply also there is a fresh 6 Month Demand formed, Hence we are expecting a Correction. After reacting to the Fresh Quarterly Supply, as per Weekly chart we have drawn trend-lines which also show the Support and then we see Price has violated the Support forming a new low, which indicates the sellers are coming in...
Tech Mahindra looks good for buy now as it has broken the recent resistance of 1180 and now moving towards next zone of 1311 in a bullish manner, the long term goal can be to hold it till the 1560 levels, as there is a gap near the zone which the price will try to fill out.
Price is now at resistance zone, and turned to be bearish side.. On the other side we have a bearish channel, every trendline on bearish channel tries to push the price upside... the last trendline is stronger that will take the price again upwards.. wait until price falls below these line and retrace... if failed to go higher a strong fall will observe.
Observations: ----> Trendline Broken. May again retest to trendline. ----->> Strong Rise from Previous Support, leaving a demand zone @1020-1035 range. ------>> Bearish gap may be fill.
Price hasnt shown violent downward moves here as compared to the other IT stocks, The Reward to Risk ratio been amazing suggesting to Buy!!! ENjoy!!! Cheers!!!!
NSE:TECHM has been corrected 61.8% as per Fibonacci. I will be best to take entry at level of 993 with stop loss of 943 (-50 Points Risk Only). Upside I can expect is 1067 & 1150. This could be low risk and high reward idea. Note: This is my personal analysis, only for learning. Thanks.
Tech Mahindra is near the lower trend line, we can short it if it goes below 1075. Target around: 1069. Stop loss of 1-2 Rs.
Yesterday techm trendline drawn failed. Descending triangle pattern is a bullish signal if it breaks out the pattern. It can give a good upmove before it breaks the triangle.
I recently posted on 23th December that buy Techmahindra Target 🎯 1800 .
Buy Techmahindra Target 🎯 1800 because it's recently given major breakout.
Hey guys! The few last stocks I gave have all the target except ICICI bank which is still consolidating. This TECHM was bought to us on right time today by one of our member of the small group of traders and I also analysed it & it definitely looks good to me too. All the info for buying has been provided in the chart above along with the targets, this can also...