HCL Technologies – HCLTECH (1D chart) Elliott Wave technical analysis
Function: Larger Degree Trend Higher (Intermediate degree, orange).
Mode: Motive.
Structure: Impulse.
Position: Minute Wave ((v)) Navy.
Details: Minute Wave ((v)) is still progressing higher within Minor Wave 5 of Intermediate Wave (5) Orange against 1750.
Invalidation point: 1750.
HCL TECHNOLOGIES Daily Chart Technical Analysis and potential Elliott Wave Counts:
HCL TECHNOLOGIES daily chart is indicating a potential end approaching to the larger degree uptrend, which has reached 1930 mark. The Intermediate Wave (5) Orange is either complete or near to complete going forward. A break below 1750 could be the first sign of a turn.
Earlier, the stock dropped through 885 lows, marked as Intermediate Wave (4), in September 2022. It looks in-line with most global tech stocks bottoming around the same period. Since then a clear five wave rally can be seen unfolding through 1930 high.
Minor Wave 3 was an extension, whereas Minor Wave 4 unfolded as a flat (3-3-5) structure. If the above proposed structure holds well, the stock should be preparing to turn lower soon. Minute Wave ((iv)) around 1750 remains key for bulls to stay in control.
HCL Technologies – HCLTECH (4H chart) Elliott Wave technical analysis
Function: Larger Degree Trend Higher (Intermediate degree, orange).
Mode: Motive.
Structure: Impulse.
Position: Minute Wave ((v)) Navy.
Details: Minute Wave ((v)) is still progressing higher within Minor Wave 5 of Intermediate Wave (5) Orange against 1750.
Invalidation point: 1750.
HCL TECHNOLOGIES 4H Chart Technical Analysis and potential Elliott Wave Counts:
HCL TECHNOLOGIES 4H chart is highlighting the sub waves after Minor Wave 3 completed around 1695 high in February 2024. Minor Wave 4 unfolded as a Flat (3-3-5) structure terminating around 1240 mark. Since then Minor Wave 5 has unfolded as an impulse pushing through 1930 mark as Minute Wave ((v)) is still unfolding.
Conclusion:
HCL TECHNOLOGIES is progressing higher within Minute Wave ((v)) of Minor Wave 5 against 1750 lows.
Elliott Wave analyst: Harsh Japee.
HCL Technologies – HCLTECH (1D Chart) Elliott Wave Technical Analysis
As with any investment opportunity there is a risk of making losses on investments that Trading Lounge expresses opinions on.
Historical results are no guarantee of future returns. Some investments are inherently riskier than others. At worst, you could lose your entire investment. TradingLounge™ uses a range of technical analysis tools, software and basic fundamental analysis as well as economic forecasts aimed at minimizing the potential for loss.
The advice we provide through our TradingLounge™ websites and our TradingLounge™ Membership has been prepared without considering your objectives, financial situation or needs. Reliance on such advice, information or data is at your own risk. The decision to trade and the method of trading is for you alone to decide. This information is of a general nature only, so you should, before acting upon any of the information or advice provided by us, consider the appropriateness of the advice considering your own objectives, financial situation or needs. Therefore, you should consult your financial advisor or accountant to determine whether trading in securities and derivatives products is appropriate for you considering your financial circumstances.
Recommended content
Editors’ Picks
EUR/USD stabilizes near 1.0400, volumes remain light on New Year's Eve
EUR/USD stabilizes at around 1.0400 on Tuesday following Monday's choppy action. The cautious market stance helps the US Dollar stay resilient against its rivals and doesn't allow the pair to gain traction as trading conditions remain thin heading into the end of the year.
GBP/USD retreats below 1.2550 after short-lasting recovery attempt
GBP/USD loses its traction and retreats below 1.2550 after climbing above 1.2600 on Monday. Although falling US Treasury bond yields weighed on the USD at the beginning of the week, the risk-averse market atmosphere supported the currency, capping the pair's upside.
Gold rebounds after finding support near $2,600
After posting losses for two consecutive days, Gold found support near $2,600 and staged a rebound early Tuesday. As investors refrain from taking large positions ahead of the New Year Day holiday, XAU/USD clings to daily gains at around $2,620.
These three narratives could fuel crypto in 2025, experts say
Crypto market experienced higher adoption and inflow of institutional capital in 2024. Experts predict the trends to look forward to in 2025, as the market matures and the Bitcoin bull run continues.
Three Fundamentals: Year-end flows, Jobless Claims and ISM Manufacturing PMI stand out Premium
Money managers may adjust their portfolios ahead of the year-end. Weekly US Jobless Claims serve as the first meaningful release in 2025. The ISM Manufacturing PMI provides an initial indication ahead of Nonfarm Payrolls.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.