Wipro - Weekly - 21-03-2023
Weekly Chart (366.51
HISTORICAL PRICE ACTION ANALYSIS
Short Term Trend: Sideways Ranging
Long Term Trend: Downward
Range: 446 to 377
Selling Pressure: below 611
Resistance: 382, 450, 518, 615
Support: 318, 298, 251, 160
Movement in the past few weeks: Sideways Ranging
Movement in the past few days: Support Breakout
EXPECTED FUTURE PRICE ACTION
Reversal / Correction: Chances are Low
Expected movement in the next few days: Downward
Expected Short Term Trend: Downward
Expected Range: 413 to 296
Expected Resistance: 382, 450, 518, 615
Expected Support: 318, 298, 251, 160
Expected Buying Pressure: Above 450
Expected Selling Pressure: Below 382
Trading with proper stop loss (may be in between 30-50 points) depending upon the volatility will limit the trade risk exposure. Any trigger of stop indicates further revision of strategies as stop loss trigger can drag the prices further in the same direction of stop loss or a change in price direction. So one should be careful and should watch the prices for some time before taking any decision on such events. Any range breakout or breakout below support levels may create significant selling pressure that may drag the prices to its next support level. Any range breakout or breakout above resistance levels may create short term buying pressure that may allow prices to appreciate further to its next resistance level.
Short Term Trend: Sideways Ranging
Long Term Trend: Downward
Range: 446 to 377
Selling Pressure: below 611
Resistance: 382, 450, 518, 615
Support: 318, 298, 251, 160
Movement in the past few weeks: Sideways Ranging
Movement in the past few days: Support Breakout
EXPECTED FUTURE PRICE ACTION
Reversal / Correction: Chances are Low
Expected movement in the next few days: Downward
Expected Short Term Trend: Downward
Expected Range: 413 to 296
Expected Resistance: 382, 450, 518, 615
Expected Support: 318, 298, 251, 160
Expected Buying Pressure: Above 450
Expected Selling Pressure: Below 382
Trading with proper stop loss (may be in between 30-50 points) depending upon the volatility will limit the trade risk exposure. Any trigger of stop indicates further revision of strategies as stop loss trigger can drag the prices further in the same direction of stop loss or a change in price direction. So one should be careful and should watch the prices for some time before taking any decision on such events. Any range breakout or breakout below support levels may create significant selling pressure that may drag the prices to its next support level. Any range breakout or breakout above resistance levels may create short term buying pressure that may allow prices to appreciate further to its next resistance level.
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