"W" Pattern

"W" pattern is about to form in wipro. If it crosses 577 then its a buy for the target of 600 and above.

 

Double bottom, good finding.

 

Nice find.

But, could INR at sub 60 level pose trouble. Before rupee depreciation began in July 2013, wipro was trading sub 350 levels. I'm not sure if technical traders are even concerned about these factors. Just sharing my thoughts and concerns.

Thanks
Naveen

 

Yes. But pattern has been formed. Lets see whats going to happen.

 

Thank You Masih.

 

i think it is too early to say for W. we should wait till it crosses 577.

 

You r rite. W pattern not formed.

 

Sorry Shabbir. I ll avoid it.

 

After reading the discussion came to know so many ifs and buts, better to wait and chart will say all the thing about W formation or not as it could be M formation if break down, could be head & shoulder formation if it able to move little up and then break down.

Nothing is obvious in stock market and if you find something you should avoid that to earn regularly this is what my study says, rest up to u.

 

Hi all
The W is formed quite clearly now.
Wipro can be bought with SL of 556/
Whats your view.

Regards
veren

 

Dear Shabir
One thing I always wonder how people give a target price of a script.
It long now i have reading charts but never able to put a target though i can find a support . In wipro 600 target is discussed is it just the last resistance which is made s target or its something more to it.

Regards
veren

 

I think it should have bought around 565. Already moved to a high of 586. There is small resistance around 587. wait for a dip.

 

Hi veren

Target is calculated by using previous high that is said to be as resistance.
The target we fix should give better ROI.

 

Hi Veren,

Just to add to this there are different ways of defining a target and few are as follows
Support/Resistance
ATR Range
Fibonacci Retracement/Extension/Fans/Arc
Equal and measured move (based on Wave patterns)

Not to confuse you with too much of details though worth to note as this depends on personal preference that suits individual's style.

I had noted a good pattern in Wipro recently and will share the chart later.

 

Hi priya
The red dip you mentioned would be in daily charts. or intraday correction.

Regards
veren

 

Attached is the chart where I entered @565.40 though my entry is an aggressive entry.

As mentioned earlier most of my trade entries will be aggressive and slightly early due to few restrictions of my account and I can spend only 10 to 15 mins a week to place trades so I miss out most of the perfect entry though I'm fine if the pattern is good.

 

The dip i mentioned is in daily charts. Today it made a high of 590.50. If u try to enter at this price the stop loss would be 550. The stoploss seems to be far away. Thats why i asked to wait for a dip , let it make a new support.

 

Great discussion, keep it up all.