Hello all,
here is a small write up on TCS formation.
TCS is under consolidation since 12th March. After making bottom at 1506 on 13th March, counter is in positive formation, making ascending triangle (highlighted using black trend-lines).
It's been 4 touch points (including one of today) at horizontal resistance line & 5 touch points at 45 degree trend-line support.
RSI is rising steadily & reaching 55 mark. It seems perfectly strong for ongoing uptrend.
Upper zone of Bollinger bands was decisively crossed on 23rd April and closing was even higher than upper band zone, giving decisive bullish signal.
Also lower band of Bollinger is exactly placed on rising trend-line (support line of Ascending triangle)
Bearish DMI was dominating since 20th Feb. Bullish DMI crossed bearish DMI on 23rd April (same day when Bollinger band bullish trigger came). In today's trade, bullish DMI is trying to surpass 25, which will be second bullish sign from indicator (first being crossover). As ADX-DMI indicator is a lagging indicator, signs of trend reversal may come late. Also ADX confirmation remains pending as of now.
Putting it all together, Looking at Bullish formation with strong RSI & Bollinger band confirmation with partially supportive ADX-DMI, stock is poised for decisive rally till 2150.
Levels to watch out for:
Breakout: 1900
Support: 1780
Target: 2150 & 2250
- Kunal Rambhia
here is a small write up on TCS formation.
TCS is under consolidation since 12th March. After making bottom at 1506 on 13th March, counter is in positive formation, making ascending triangle (highlighted using black trend-lines).
It's been 4 touch points (including one of today) at horizontal resistance line & 5 touch points at 45 degree trend-line support.
RSI is rising steadily & reaching 55 mark. It seems perfectly strong for ongoing uptrend.
Upper zone of Bollinger bands was decisively crossed on 23rd April and closing was even higher than upper band zone, giving decisive bullish signal.
Also lower band of Bollinger is exactly placed on rising trend-line (support line of Ascending triangle)
Bearish DMI was dominating since 20th Feb. Bullish DMI crossed bearish DMI on 23rd April (same day when Bollinger band bullish trigger came). In today's trade, bullish DMI is trying to surpass 25, which will be second bullish sign from indicator (first being crossover). As ADX-DMI indicator is a lagging indicator, signs of trend reversal may come late. Also ADX confirmation remains pending as of now.
Putting it all together, Looking at Bullish formation with strong RSI & Bollinger band confirmation with partially supportive ADX-DMI, stock is poised for decisive rally till 2150.
Levels to watch out for:
Breakout: 1900
Support: 1780
Target: 2150 & 2250
- Kunal Rambhia
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ReplyDeleteTCS is under consolidation since 12th March. After making bottom at 1506 on 13th March, counter is in positive formation, making ascending triangle (highlighted using black trend-lines).
It's been 4 touch points (including one of today) at horizontal resistance line & 5 touch points at 45 degree trend-line support.