WIPRO- Hourly/Daily/Weekly Timeframe-Channel/Tringle pattern

WIPRO

WIPRO has beaten so badly in last few months. The stock is near major support levels. The Sellers are trying to push it however somehow it is holding its levels.

Weekly: It has formed double bottom (355-360 level) at the bottom of the channel. As per weekly chart 370-380 was earlier resistance from where we saw sharp buying. Now it is retesting these levels and holding it from past 2 days. Besides it’s a .5 Fib level as well.

Daily: On 26th June there is a rejection from the bot (Hammer) which indicates 370-373 is strong support levels.

Hourly: From past 3 days it’s consolidating between 378-390 in tringle pattern. On Friday 30th June if we see a bullish price action near these levels it’s the best time to go long with small SL.

For positional traders SL should be around 370.


This is only for educational purpose, please manage your risk accordingly.

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