HCLTECH: Rounding Top

From Jul'22 low of INR 877 prices have retraced to Fibonacci 61.8% retracment level positioned at 1150 zone and formed a potential double top structure. Prices have also formed a Rounding Top pattern whose neckline is in the region of 1101-1100. The measured target for the pattern is coming in the region of 1050-1045 where its 200-EMA is also positioned


As per above observations prices are likely to hold below INR 1137 and fall towards INR 1050-1045 in the coming weeks.


Trading Strategy: Sell on cmp add on rise , keeping SL of 1137 look for the target of 1050-1045.