Is IT sector in Reversal and should you buy ?
A thread explaining the TA and Stage Analysis
A thread explaining the TA and Stage Analysis
Stage Analysis
Sector Seems to be approaching Resistance belo the Stage 3 base
There are 3 Possibilities
1. Breakout above the base
2. Take Resistance and move down
3. Move Sideways
Sector Seems to be approaching Resistance belo the Stage 3 base
There are 3 Possibilities
1. Breakout above the base
2. Take Resistance and move down
3. Move Sideways
1. Breakout Above the Base
Heavyweights seem to be strong and sector likely to breakout as of now .
wait for breakout and buy near the retest area
(point A)for the best Risk Reward
Relative Strength has not picked up and 52Week RS is still negative.
Heavyweights seem to be strong and sector likely to breakout as of now .
wait for breakout and buy near the retest area
(point A)for the best Risk Reward
Relative Strength has not picked up and 52Week RS is still negative.
2. Take Resistance
A Bearish price action near Resistance provides good low risk shorting opportunity in IT sector , if RS is negative and we see a break of neckline then shorting there with Point B as Stoploss is the best opportunity to make money
A Bearish price action near Resistance provides good low risk shorting opportunity in IT sector , if RS is negative and we see a break of neckline then shorting there with Point B as Stoploss is the best opportunity to make money
3. More Consolidation
Stocks/Sector take 1 -2 years to form stage 1 base before a proper upmove .
Its been only few months since this price action hence a sideways consolidation cannot be ruled out .
Most Likely a Sideways to Bullish Action is what Im looking for .
Stocks/Sector take 1 -2 years to form stage 1 base before a proper upmove .
Its been only few months since this price action hence a sideways consolidation cannot be ruled out .
Most Likely a Sideways to Bullish Action is what Im looking for .
Do not Buy until stock moves above 30 Weekly EMA and breaks the resistance Area with higher volumes
Broader market participation of all IT stocks , is what you should be looking for
Ride the trend , as long as it lasts and use max 7-9% sl for swing and 15-20% for positional
Broader market participation of all IT stocks , is what you should be looking for
Ride the trend , as long as it lasts and use max 7-9% sl for swing and 15-20% for positional
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