LONG in WIPRO on NSE (INDIA)

This is weekly chart of WIPRO on NSE (INDIA) quoting/CMP at 318.55. It looks a good long trade with minimum risk based on following observations:

1. Near term resistance and support has been drawn where it is consolidating. It is emphasized that support drawn on the chart is coinciding with 23.6% retracement level and also EMA20. It has tested EMA20 on 22nd Oct 2018.

2. Price is trading in a rising channel drawn on the chart indicating multiple supports and resistances using arrows.

3. Price has tested 61.8% retracement level and then reversing as shown on the chart.

4. Momentum is good (RSI @ 60.16). It is also observed that during consolidation RSI has retraced to 60 which should act as good support.

5. An observation indicates that price reaches to touch the upper fibre of channel from lower fibre of the channel in around 55-65 bars. Already 17 bars during current rise has been formed which implies that it should take (60-17=43) 43 bars to reach the upper fibre where projected price calculates at 400-415 which can be forthcoming target. Stops can be one ATR below EMA20


Happy trading!!!