TECH MAHINDRA – TECHM (1D chart) Elliott Wave technical analysis
Function: Larger Degree Trend Higher (Intermediate Degree, Orange).
Mode: Motive.
Structure: Impulse.
Position: Minute Wave ((iv)) Navy.
Details: Minute Wave ((iv)) might be complete as a triangle around the 1600 mark. If correct, Minute Wave ((v)) to resume higher soon.
Invalidation point: 1420.
Tech Mahindra Daily Chart Technical Analysis and potential Elliott Wave Counts:
Tech Mahindra daily chart is indicating a progressive trend higher towards 1800 levels as Minor Wave 3 Grey unfolds. High probability remains that the stock is preparing to resume Minute Wave ((v)) of Minor Wave 3 and prices should ideally stay above 1575 mark.
Tech Mahindra had terminated Intermediate Wave (4) Orange around 940 levels in June 2022. Since then, Minor Waves 1 and 2 completed around 1160 and 1105 levels respectively. Furthermore, Minute Waves ((i)) through ((iv)) of Minor Wave 3 also look complete.
If the above proposed counts are correct, the stock should resume higher towards 1700-1800 zone as Minute Wave ((iv)) triangle completes. Thereafter, prices should ideally stay above 1420, the termination of Minute Wave ((i)).
TECH MAHINDRA – TECHM (4H Chart) Elliott Wave technical analysis
Function: Larger Degree Trend Higher (Intermediate Degree, Orange)
Mode: Motive
Structure: Impulse
Position: Minute Wave ((iv)) Navy
Details: Minute Wave ((iv)) might be complete as a triangle around the 1600 mark. If correct, Minute Wave ((v)) of Minor Wave 3 Grey within Intermediate Wave (5) Orange to resume higher soon.
Invalidation point: 1420.
Tech Mahindra 4H Chart Technical Analysis and potential Elliott Wave Counts:
Tech Mahindra 4H chart is highlighting the sub waves since Minute Wave ((ii)) of 3. Minute Wave ((iii)) is an impulse followed by a potential triangle unfolding as Minute Wave ((iv)), which is potentially complete around 1600 mark. If correct, Minute Wave ((v)) should be ready to turn higher from here.
Conclusion:
Tech Mahindra is progressing higher within Minute Wave ((v)) of Minor Wave 3 Grey within Intermediate Wave (5) Orange against 1420 mark.
Elliott Wave analyst: Harsh Japee.
TECH MAHINDRA – TECHM (1D chart) Elliott Wave technical analysis [Video]
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 holds gains near 1.0950 after uneventful US PPI
EUR/USD is back on the bids, hovering around 1.0950 ahead of Wall Street's opening on Friday. The US Dollar sheds some ground, but the pair seems to lack further bullish impetus, as risk sentiment remains sour after US data and ahead of Fedspeak.
GBP/USD rises toward 1.3100 after UK data
GBP/USD gained upside traction toward 1.3100 during Friday's European trading, in a delayed reaction to the UK GDP and the industrial growth in August. Mild pressure on the US Dollar maintains the pair afloat as US traders reach their desks.
Gold price remains below $2,650, bulls not giving up
Gold price attracts some follow-through buying for the second straight day on Friday and recovers further from a nearly three-week low, around the $2,602 area touched the previous day.
Bitcoin finds support around $60,000
Bitcoin is finding support around the key level, and a close below this level could signal a decline. Ethereum is approaching a critical resistance barrier; rejection from this level suggests a decline ahead. Meanwhile, Ripple is stuck in a range, reflecting a period of indecision among traders.
RBA widely expected to keep key interest rate unchanged amid persisting price pressures
The Reserve Bank of Australia is likely to continue bucking the trend adopted by major central banks of the dovish policy pivot, opting to maintain the policy for the seventh consecutive meeting on Tuesday.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.