Wipro has been in a downward spiral for the last couple of weeks. The stock has formed a pennant formation on the 60min chart with the price approaching the 3rd touch of the pattern which indicates pattern completion. Sellers should observe the zone marked on the chart and look to initiate short positions if we see any pinbar or engulfing candle in this area. Traders should enter only after the close of the reversal candle.
Selling zone - 255 - 257.50
Stoploss - 258.20
Target 1 - 249.65
Target 2 - 245.35
Target 3 - 241.95
Disclaimer
This content is for information and educational purposes only and should not be considered as a piece of investment advice or an investment recommendation. Past performance is not an indication of future results. All trading carries risk. Only risk capital which you are prepared to lose.
Selling zone - 255 - 257.50
Stoploss - 258.20
Target 1 - 249.65
Target 2 - 245.35
Target 3 - 241.95
Disclaimer
This content is for information and educational purposes only and should not be considered as a piece of investment advice or an investment recommendation. Past performance is not an indication of future results. All trading carries risk. Only risk capital which you are prepared to lose.