It is been observed on weekly chart that the price action is trending in a down trending channel where the price action reaches to the support levels of the channel and signalling buying at the levels. This indicates buyers coming back that are pushing the price action upwards. It shall now move the price to previous support levels which will now act as resistance.
Target: 10150 Stoploss: 9200 Risk Reward: 1:1
トレード終了: 利益確定目標に到達
⋅
Target reached successfully, IT looked strong. Regards
Thanks again for the excellent analysis. It is my personal opinion that the IT stocks have been at the receiving end for some time and when the markets resume their uptrend the IT stocks may be at the forefront.
nirav5
⋅
Agreed Shan.
ShanTrader
⋅
@nirav5, Thanks Nirav. A weaker rupee would also benefit the big IT companies as a large portion of their earnings are in foreign currency.