This is weekly chart of MINDTREE (CMP @ 834.60) on NSE (INDIA) which looks good for a long trade based on following observations on the chart:
1. A horizontal line drawn on the chart has acted as resistance during April 2015 to Jan 2018 till price broke out of it on 19th Feb 2018 (marked by arrows). Now, the resistance line has turned into support as indicated on the chart. Price after deep correction has once again tested this support and showing reversal. This support line also coincides with key retracement level of 50% on Fibo as shown on the chart.
2. Stochastic RSI indicates bullish crossover in oversold zone.
Therefore, it looks a good long trade with stop below the current candle on weekly chart with immediate target of 935 (resistance above).
Happy Trading....
1. A horizontal line drawn on the chart has acted as resistance during April 2015 to Jan 2018 till price broke out of it on 19th Feb 2018 (marked by arrows). Now, the resistance line has turned into support as indicated on the chart. Price after deep correction has once again tested this support and showing reversal. This support line also coincides with key retracement level of 50% on Fibo as shown on the chart.
2. Stochastic RSI indicates bullish crossover in oversold zone.
Therefore, it looks a good long trade with stop below the current candle on weekly chart with immediate target of 935 (resistance above).
Happy Trading....