Tech Mahindra break the resistance level.
Nature of stocks: Tech Mahindra has traded within the price range of 980 to 1146 since June 6, 2022, It has recently broken out above the upper limit of 1146 on the weekly timeframe. This breakout suggests that there is a higher potential for the stock to reach the price range of 1360.
Confirmation :
1. Break out the one-year resistance line. (weekly time frame)
2. Swing High and low forms daily time frame.
3. 9 EMA crossover 50 and 20 EMA.
Note: We must wait until the current week and candlestick confirmation.
2 Scenarios will happen.
1. The market will reach the price range without correction or retracement.
2. The market is expected to experience an upward trend followed by a minor retracement before ultimately reaching the target.
[To identify the retracement, the market will decline and touch the 20 EMA (Exponential Moving Average). Once it touches the 20 EMA, it will initiate its rally.]
Confirmation :
1. Break out the one-year resistance line. (weekly time frame)
2. Swing High and low forms daily time frame.
3. 9 EMA crossover 50 and 20 EMA.
Note: We must wait until the current week and candlestick confirmation.
2 Scenarios will happen.
1. The market will reach the price range without correction or retracement.
2. The market is expected to experience an upward trend followed by a minor retracement before ultimately reaching the target.
[To identify the retracement, the market will decline and touch the 20 EMA (Exponential Moving Average). Once it touches the 20 EMA, it will initiate its rally.]
Penafian
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