Tata Consultancy Services Limited (TCS) is engaged in providing information technology (IT) services, digital and business solutions. The Company's segments include banking, finance and insurance services (BFSI); manufacturing; retail and consumer packaged goods (CPG); telecom, media and entertainment, and others, such as energy, resources and utilities, hi-tech,...
TCS bounced from FIB 23.6 and still can go up anytime after retesting short term resistance. Also it is making an inverse H&S should bounce perfectly if everything goes as planned.
TCS forming a very good structure
But it broke down the trend line in the last few hours on friday
The momentum downside may be fake
It maybe true
With upcoming shorting opportunities visible in nifty
Tcs being a heavyweight will surely follow the trend
But we should be ready for everything
So make sure you trade wisely
Keep stop loss accordingly
The analysis is done purely based on chart patterns and price action.
The analysis is done on 15 min TF, but the target as shown in charts can take couple of days upto weeks.
As can be seen from NITFY IT chart as well as from charts of stocks linked below, price went for retracement phase, made a low on 21st December 2020 and then gave breakout from trendline....
TCS, 15 MIN CHART
Can go towards 3275, and 3338
Stoploss below 3180
Disclaimer
I am not SEBI REGISTERED Analyst
My Studies are Educational purpose only
Consult with your financial advisor before trading or investing
A formation of M pattern breaking down the Bull Flag is seemed to be formed which can witness us to take profit at the nearest gravitational BLACK LINE
