Wipro has been consolidating in a range and is forming a double bottom pattern on the weekly time frame.
The stock has closed below its 200 ema (weekly chart).
The whole IT sector has been in a consolidation phase and is near its recent low.
On the daily time frame, stock has given a negative candle and retested its levels of 400.
Confirmation points.
1. Closed below 200 ema (on weekly time frame)
2. Started trading below 400 level.
3. Head and shoulder pattern on daily time frame.
If the stock closes below 392 level on hourly time frame, a trade can be initiated.
Target :- 386.5, 374
Wait for the stock to close below the levels. A price action is must to enter the trade.
The stock has closed below its 200 ema (weekly chart).
The whole IT sector has been in a consolidation phase and is near its recent low.
On the daily time frame, stock has given a negative candle and retested its levels of 400.
Confirmation points.
1. Closed below 200 ema (on weekly time frame)
2. Started trading below 400 level.
3. Head and shoulder pattern on daily time frame.
If the stock closes below 392 level on hourly time frame, a trade can be initiated.
Target :- 386.5, 374
Wait for the stock to close below the levels. A price action is must to enter the trade.
