WIPRO LTD (Triple Confirmation Strategy)
This study is to show the importance of a simple Triple confirmation Strategy in WIPRO that has generated a good return in the past and currently shows the same confirmation.
1. 200 Weekly Moving average – the stock must have tested the 200 Weekly Moving Average.
2. Rate of Change must be above 1
3. RSI must be at or above 50 or marginally lower.
In the Past:
Week starting 5th Aug 2013 with the same confirmation, the stock rallied 56.39% .Week starting 14th March 2017 with the same confirmation, the stock rallied 32.54% .Week starting 20th Aug 2018 with the same confirmation, the stock rallied 43.21% .Week starting 6th July 2020 with the same confirmation, the stock rallied 232.44%
Currently:
Wipro shows the very same 3 confirmations on Weekly chart, it has tested the 200 Weekly Moving Average and taking support beautifully.
-ROC is above 1
-RSI is very near to 50(Exaggerated Divergence Pattern Formed)
So it can be hoped that the stock is going to perform good in the weeks to come .The targets would be 449(Support & Resistance zone) next would be 535. Stop Loss very strictly below 375.
CHART & ANALYSIS
ADARSH DEY
1. 200 Weekly Moving average – the stock must have tested the 200 Weekly Moving Average.
2. Rate of Change must be above 1
3. RSI must be at or above 50 or marginally lower.
In the Past:
Week starting 5th Aug 2013 with the same confirmation, the stock rallied 56.39% .Week starting 14th March 2017 with the same confirmation, the stock rallied 32.54% .Week starting 20th Aug 2018 with the same confirmation, the stock rallied 43.21% .Week starting 6th July 2020 with the same confirmation, the stock rallied 232.44%
Currently:
Wipro shows the very same 3 confirmations on Weekly chart, it has tested the 200 Weekly Moving Average and taking support beautifully.
-ROC is above 1
-RSI is very near to 50(Exaggerated Divergence Pattern Formed)
So it can be hoped that the stock is going to perform good in the weeks to come .The targets would be 449(Support & Resistance zone) next would be 535. Stop Loss very strictly below 375.
CHART & ANALYSIS
ADARSH DEY
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