A good shorting opportunity
bearish engulfing pattern formed after wipro announced it's result
i have also checked the delivery percentage which was less.
if price is decreasing and delivery percentage is less then it indicates very less interest of people to accumulate
also price is in overbought region as per RSI indicator.
and lastly it looks like a double...
accumulation has been happening in the stock from 26 feb 2019
also recently there is been an increase in volume with higher delivery percentage
if the price closes above the resistance then can buy for short term target
Did some analysis based on delivery percentage of traded quantity, number of trades taken and total traded quantity.
price was increased on 15th march
but after that the price is just moving side ways and forming upper wigs.
price closing below the channel will result in moving of hindalco price near the support (green line)
there is a divergence between volume accumulation and price. indicating high probability of breaking the channel in downward direction.