WIPRO (509.90)
A BREAKOUT OR BREAKDOWN...
As i anticipated the breakout from this triangle in late august, but later it was just a fluke and even it couldnt close above the price of 527. And now today it just penetrated the lower support trendline which is connected the lows 383 and 441 but at the end of the trading session it pulled up from the trendline and it managed to stay within the triangle pattern. This stock is getting heavy resistence at the level of 525-527. 525-527 is the price of upper band of BB and 505 is the lower band of BB. Today it taken the support at the lower band of BB as per BB the price should move back to the level of 525-527. And it formed Hammer, by this i smell it can retest the 525-527 level and thereon may be it try to breakout from the triangle pattern. The support for the stock comes at 505-494-465. The resistence at 516-520-527-552. Well if we do really see the breakdown from the triangle pattern then it will retest the level of 441.
A BREAKOUT OR BREAKDOWN...
As i anticipated the breakout from this triangle in late august, but later it was just a fluke and even it couldnt close above the price of 527. And now today it just penetrated the lower support trendline which is connected the lows 383 and 441 but at the end of the trading session it pulled up from the trendline and it managed to stay within the triangle pattern. This stock is getting heavy resistence at the level of 525-527. 525-527 is the price of upper band of BB and 505 is the lower band of BB. Today it taken the support at the lower band of BB as per BB the price should move back to the level of 525-527. And it formed Hammer, by this i smell it can retest the 525-527 level and thereon may be it try to breakout from the triangle pattern. The support for the stock comes at 505-494-465. The resistence at 516-520-527-552. Well if we do really see the breakdown from the triangle pattern then it will retest the level of 441.
posted by Naveen Pantera at 9:47 PM
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