Tech Mahindra Breaking Down Triangle Pattern on Mins ChartPrice action breaks out from a big triangle formation on 15 mins chart. Target - 455
TECHM trade ideas
Tech Mahindra can see lower levelsNSE:TECHM ...Tech Mahindra Is under pressure due to BREXIT and Relative weakness in IT sector. Though the Quarterly results were fairly in line with analysts expectations, Sector weakness and BREXIT could lead TechM to lower levels.
Technically TEchM is in Multitimeframe bearish trend. I expect levels of 450 over next few months before any significant support can come in. 510 levels can acts as a stoploss as well as resistance.
TECHM Weakening ( in Wave C Momentum)As per my observation, the stock looks weak and so as IT looks weak too.
I believe Tech Mahindra is in its third correction wave, in which 5th impulse wave in progress as per the elliott wave theory.
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