TECH MAHINDRA LTDViés de alta
Techm Breakout & Reversal of a iT sector Giant!
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Tech Mahindra Breakout & Reversal
Hi mates, sharing daily chart of Tech Mahindra as you can see on this provided chart that after hitting a all time high of 1800 levels price came down and shifted in downtrend and since then trading in downtrend and consolidating in a parallel channel but by the last session of previous week it came out from a long consolidation (more then one year) and broke channel resistance and closed above which also was a lower high resistance too, so we can say it is breakout and can make a long in it for the target (1430 levels) i am taking height of channel which is near about 21% so i am expecting a 21% gains also after this breakout with taking a stop loss below 1150 levels closing on daily basis which is looking a good support now was acted a strong resistance earlier as you can see many lower highs was there at the same levels and got rejected from there many times.
This pattern are usually high working probability and good for a breakout retest too.
KINDLY NOTE-: This is not and trade or investment advice. This publication is meant for only learning purpose.
Best Regards-: Amit
Hi mates, sharing daily chart of Tech Mahindra as you can see on this provided chart that after hitting a all time high of 1800 levels price came down and shifted in downtrend and since then trading in downtrend and consolidating in a parallel channel but by the last session of previous week it came out from a long consolidation (more then one year) and broke channel resistance and closed above which also was a lower high resistance too, so we can say it is breakout and can make a long in it for the target (1430 levels) i am taking height of channel which is near about 21% so i am expecting a 21% gains also after this breakout with taking a stop loss below 1150 levels closing on daily basis which is looking a good support now was acted a strong resistance earlier as you can see many lower highs was there at the same levels and got rejected from there many times.
This pattern are usually high working probability and good for a breakout retest too.
KINDLY NOTE-: This is not and trade or investment advice. This publication is meant for only learning purpose.
Best Regards-: Amit
Trade fechado manualmente
YESTRDAY ITSELF REACHED TO MENTIONED STOP LOSS IN IDEA, I DON'T DO IT AND NEITHER SHOULD ANYONE SO UPDATING THIS IDEA AS STOP LOSS TRIGGRED, TECHNICAL WAS IN FAVOUR BUT BAD NUMBERS FROM COMPANY SPOILED THE MOOD SENTIMENT AND BREAKOUT. TOOK STOP LOSS YESTERDAY BUT NOT CLOSING THIS IDEA COMPLETLY BECAUSE I WILL REVIVE AGAIN THIS WHEN IT WILL REACH TO A CERTAIN BREAKOUT LEVELS AGAIN. THANKS FOR SUPPORT.Nota
Price is sustaining good above channel and breakout range, previously added at 1220 above channel close after stop loss update, and added more after a retest. So if it will do a retest again will add more. And will follow the same stop loss again for this trade.Nota
Price breached previous swing high closings after breakout and sustaining above very well moving in wanted direction after. Making 52 week highs is positive sentiment tooNota
Price gives a weekly close above last swing top so i assume that it will gives more strength to price, as closings are the one of the most important part in technical analysis. And reaching to new 52 week highs in last some sessions so it makes sentiment and published breakout more good and sharing one resistance aboveNota
Price moved out good from 1230-1240 reached 1313 and now trying to break and close above a strong resistance zone so today is weekly close if price will close above it should be consider as a fresh breakout
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