Short GOLD below 1680 to target 1600
Multi Year TL from Aug 2018 is broken and today being friday only confirms the TL break. First Target for day traders is 1680. When close below 1680 happens, then target of 1600 is a likely probability
Currently Tech Mahindra is at a strong support of Fib retracement of 61.8 and round figure of 1000. There are other Fib points of confluence from 1000 to 975. So to be on a safer side, short when price closes below 950 to target 800.
Less likely scenario, alternatively, if u r already invested at high levels, hold if the price stays above 950
There is still steam left on the relief rally, 32300 may be a potential reversal or watchpoint as the GAP potentially gets filled.
If the first resistance Trendline gets breached DECISIVELY with good volume, then we can aim for reversal in the second resistance Trendline
But the long term downtrend is still intact as the market structure didnt change yet
NEUTRAL TO SHORT :
ITC: Potential 3 drive pattern forming which indicates a downside in weekly TF. However, need to watch whether price will reverse from here or take the levels of 260 to 270 as support, before it immediately moves to 280 as its a defensive stock favored by investors during uncertain times