HCLTECH short
HCL Technologies (HCLTECH) is exhibiting signs of a potential bearish trend reversal. A clear bearish divergence has formed between price and the Relative Strength Index (RSI), indicating weakening bullish momentum.
Key Observations:
1. Bearish Divergence:
*Price has made higher highs, but the RSI has formed lower highs.
*This divergence suggests a potential bearish trend reversal.
2. Volume Weakness:
*Volume has been declining as the price has increased, indicating waning buying interest.
3. Broken RSI Support:
*The stock has broken below a key weekly RSI support level and has retested it, confirming the bearish bias.
Trading Strategy:
Short Entry: Consider shorting HCLTECH around the current price level or a slight pullback to the broken RSI support level.
Stop-Loss: Place a stop-loss order at 1900 on a closing basis to limit potential losses.
Profit Targets:
Target 1: 1700
Target 2: 1540
Target 3: 1420
Key Observations:
1. Bearish Divergence:
*Price has made higher highs, but the RSI has formed lower highs.
*This divergence suggests a potential bearish trend reversal.
2. Volume Weakness:
*Volume has been declining as the price has increased, indicating waning buying interest.
3. Broken RSI Support:
*The stock has broken below a key weekly RSI support level and has retested it, confirming the bearish bias.
Trading Strategy:
Short Entry: Consider shorting HCLTECH around the current price level or a slight pullback to the broken RSI support level.
Stop-Loss: Place a stop-loss order at 1900 on a closing basis to limit potential losses.
Profit Targets:
Target 1: 1700
Target 2: 1540
Target 3: 1420
Pernyataan Penyangkalan
Informasi dan publikasi tidak dimaksudkan untuk menjadi, dan bukan merupakan saran keuangan, investasi, perdagangan, atau rekomendasi lainnya yang diberikan atau didukung oleh TradingView. Baca selengkapnya di Persyaratan Penggunaan.