HCLTECH trade ideas
HCL Tech (A Rally coming to a close ?)The IT sector has been on a major bull run yet again with the world becoming more Tech dependent following the Pandemic. HCL Tech has been a major contributor to the rally in the Indian IT space. However for a while now the stock has been consolidating hence forming a triangle supported by the 50 EMA o the support area of the triangle.
There is an interesting study on the stock. If you would see the spaces marked with the Green arrows, you would see how the stock continuously formed higher highs while the RSI formed lower/similar highs. This formation is generally regarded as a Bearish Divergence indicating a reversal in trend, however the price never confirmed to such a move because it never formed a lower low as indicated by the blue arrows. Even now within the triangle the stock has formed a higher low and is now reversing looking for a breakout to the upside. Any breakout might see the stock taking off it's all time high forming yet another Higher High and continuing the uptrend. However in case the stock breaks to the downside forming a lower low then we might see some downward pressure continuing as it will indicate towards a temporary end to the uptrend.
Things have started to turn towards the positive side, with many things working in India's favour like Increasing growth forecasts by different brokerage / research houses, companies delivering better than expected numbers for Q2, the expectation of having a vaccine soon has brought the Index to its all time high and things are just looking better. However we need to keep in mind that the markets are going up only on the expectation that things will be better, We need to see that even though the numbers for a lot of companies have improved they are still lagging the previous year on a half yearly basis and might de grow on a yearly basis as well, which clearly shows the valuations getting stretched even further. Volatility is here to stay until things don's look certain.
So trade with caution and never over expose.
HCL tech Can go down from here. First stop will be 806In weekly charts RSI is very high.
Bearish Engulfing pattern formed with heavy volumes.
As per Fibo Retracement 785 should be on the cards..
Triangle pattern breakout tomorrow -15 minutes chartWatchout for triangular pattern breakout tomorrow.
HCLTECH - Intraday/Very Short Term TradeThis analysis is purely based on price action.
The analysis is on 15min TF hence target can be achieved in intraday trade or in couple of days
Trade strategy is explained in image itself. Don't run after the price.
Always plan your trade & trade your plan
Keep trailing SL accordingly once entered into the trade. Due to US-Elections, Extreme volatility is expected in IT Stocks hence trade cautiously.
Trade at your own risk and money management
Feel free to comment for any queries & suggestion
HCLTECH - Elliott wave analysis - choppy HCLTECH - It has completed ABC flat correction as the part of complex WXY. Now X wave is in progressing. So wait for X wave to finish higher around 880 or above. Thereafter Y wave will again start bear cycle downside.
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HCLTECH (NSE) - Elliott wave analysis HCLTech - It is in C wave down in ABC cycle after impulse cycle ended at new high. Sell with stop loss above 892.20 in bounce near 870-80 zone with small quantity for target up to 820-800 lower.
HCl tech SellHCL tech CMP 812.75 Stock is looking weak now n can see 800/780 levels..Invalid if closes above 850..Any rise can be used to sell till 840..
This is Positional View
HCLTECH - INTRADAY CUP & HANDLESee the image for strategy.
Trade with your own risk and money management
Feel free to comment
HCLTECH - Intraday Trade SetupHCL Tech CMP – 860
Looking bullish . One can go for Intraday Trade with the following entry, exit & targets
Buy ONLY between 863 - 865 / Stop Loss 855
Target 1 - 870
Target 2 - 875
Target 3 – 880 / 890
Note: This is my view and for educational purpose only
HCLTECH (NSE) - Elliottwave analysis HCLTECH (NSE) - It has completed impulse cycle in 4 hr time frame. It dropped in A wave impulse and need to bounce from current level. wait for B wave to bounce to sell with stop loss above high. B wave may take time before it reverse.
Give thumbs up if you really like the trade idea.
hcltech positional or swing trading targets Previous targets are achieved, now time for the some next one's.
As of now the HCLTECH has a good news with a real good earning this quarter, lot of positivity, as the brokers also expect upto 80% move from these levels, but the patience is the key in the market. so wait for a proper reversal signal at the 50% fibo. levels , the market can retrace upto 782-792 levels and can potentially reverse from there on. so wait for a good signal formation, and take the trade accordingly
If holds the above mentioned levels then the target could be
T1- 900
T2- 960
T3- 1020.
SL- could be around 750
NOTE- do not take the trade until any clear candle formation at the fibo levels mentioned above.
HCLTECH (Intraday/Short Term trade)This analysis is purely based on price action on naked charts.
This trade is for intraday or very short term positional trade.
Trade Strategy is given in image itself with ENTRY, TARGET & SL
*Trade as per your own risk & money management*
Feel free to comment for any query or suggestion
HCLTECH - Intraday Trade SetupHCLTech – 849.55
Looking bearish and one can go for Intraday trade with the following entry, exit & targets
Sell range 850 - 842 / Stop Loss 857
Target 1 - 840
Target 2 - 835
Target 3 – 830 / 825
Note: This is my view and for educational purpose only
hcltech positional or swing trading targets hcltech looks very bullish, and in the recent past has recorded a bullish break after a consolidation. it has formed a bullish penant formation in the three hourly chart, so one can go long after the break of black line with a potential target of the green line that is around 900.
HCLTECH (NSE) - Elliott wave analysisWelcome guys,
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HCLTECH (NSE) - It has complted impulse from major low as shown in chart. It is at the point, where it can probably reverse down and correct the up move, which will need further confirmation. If price broken up above 845, then the 5th wave will extend further and go higher. But if it is broken down below 783, then it will go down up to 660 or even lower. So keep eye on both level to take next trade.
Give thumbs up if you really like the trade idea.
