Confluence of following factors makes TCS a compelling sell.
1. Bearish Engulfing pattern near long term resistance level.
2. Volumes are a tad more than 10 day average volume, will be much higher as the trading day ends.
3. RSI at peak was nearing 75, means TCS was quite overbought.
4. Negative media commentary by INFY executive on IT business outlook.
5. RSI divergence spotted.
CMP: 2593
Stop loss: 2697
Target: 2500, further downside if 50 DEMA is breached
1. Bearish Engulfing pattern near long term resistance level.
2. Volumes are a tad more than 10 day average volume, will be much higher as the trading day ends.
3. RSI at peak was nearing 75, means TCS was quite overbought.
4. Negative media commentary by INFY executive on IT business outlook.
5. RSI divergence spotted.
CMP: 2593
Stop loss: 2697
Target: 2500, further downside if 50 DEMA is breached
Commento:
target achieved! stoploss can be moved to 2500. And should wait for reaction with 50 DEMA
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