Tech Mahindra has been an out performer in the IT sector since 2017.Although recently prices witnessed minor correction but managed to recuperate its losses and hit a new lifetime high today.We were able to capture the up move even before it began with the help of Elliott wave, channel and other indicators.
Below is the chart showing detailed analysis published in our research report-“The Financial Waves Short term Update”
Tech Mahindra 60 mins chart: (Anticipated as on 22nd April, 2019)
Tech Mahindra 60 mins chart- (Happened as on 02nd May, 2019)
(Below is the extract of the research taken from the research report)
Anticipated as on 22nd April, 2019: On the daily chart of Tech Mahindra we can see that the prices had been consolidating between the levels of 800 and 765, during which we can see the 50 periods EMA acted as a good support and the prices found support zone near 775-760 levels.
On the hourly chart we can see the prices have been moving in an upward slopping channel and are currently placed near the upper trend line of the channel. Break above the previous day’s high of 810 will result into a positive trend towards 840 or higher levels.
In short the trend for Tech Mahindra might be sideways to positive. Break above 810 will resume the positive trend in this stock towards 840 which is wave (i) high.
Happened as on 02nd May, 2019- Prices moved exactly as expected and achieved the target of 840 on 30th April, and moved further higher today to form a new lifetime high near 846 levels.The coming trend continues to stay positive.
The above analysis clearly shows how well Elliott wave and other techniques works and we have a proven track record for the same. Get access to the daily equity research report and know how to capture good trading opportunity over short term in our daily “The Financial Waves short term update”- Get access here