Overview:
The 1-hour chart for Tech Mahindra Ltd. (TECHM) showcases a corrective Elliott Wave pattern (b, (B), (C)) and highlights potential price movements, key levels, and target zones. Let's dive in! 🚀
- Key Levels and Zones:
- Wave Analysis:
The chart depicts a corrective wave pattern labeled as b, (B), and (C).
Wave b is currently in progress and expected to complete in the zone of ₹1,645–₹1,658. 📉 - Target Zones:First Target Zone:₹1,785–₹1,795 🎯
Second Target Zone:₹1,824–₹1,841 🎯
These levels are based on the completion of Wave (C) and represent potential upward targets. - Stop Loss (Day Close):
Suggested stop loss at ₹1,638 to manage risk in case Wave (C) fails to complete as anticipated. 🛑 - Volume Analysis:
Volume bars indicate trading activity and can confirm the strength of price movements. 📊
📈 Trading Plan:
Entry:
Consider buying within the Wave (C) completion zone: ₹1,645–₹1,658.
Expectation: Corrective wave completes in this zone, leading to upward movement.
Targets:
First Target: ₹1,785–₹1,795 🎯
Second Target: ₹1,824–₹1,841 🎯
Stop Loss:
Place a stop loss at ₹1,638 to limit downside risk. 🛑
Short-term Trading Opportunity:
These target zones are ideal for short-term swing trades or futures and options (FN) positions.
Conclusion:
This trading plan offers a strategic entry and potential profit zones based on Elliott Wave Theory. Monitor price action and volume closely for confirmation.
Disclaimer: This analysis is for educational purposes only. Conduct your own research or consult a financial advisor before trading.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.