HCLTECH - Eying for 1500-1550 levels?

HCLTECH CMP 1757

In All likelihood, the script could potentially hit 1550-1500 levels in the coming days

Observations:

1. Stock has achieved rounding bottom breakout target (900-1380-1890) and profit booking is taking place now

2. Price has been reversing from 100% fib extension from the covid lows of 375 (375-1378-877-1888.5)

3. Price had a one way rally from 1235 levels and retracing.. 50% retracement is at 1560

4. In a single candle, price broke 20 and 40 DEMA and closed below

5. Price broke down from the rising wedge at the top

6. Price never retested the 200 DEMA after breaking out at 1410 levels..

Current 200 DEMA is at 1600 and in time, it would be around 1550-1500 (if the script continues to trade lower)