HCLTECH short
HCL Technologies (HCLTECH) is exhibiting signs of a potential bearish trend reversal. A clear bearish divergence has formed between price and the Relative Strength Index (RSI), indicating weakening bullish momentum.
Key Observations:
1. Bearish Divergence:
*Price has made higher highs, but the RSI has formed lower highs.
*This divergence suggests a potential bearish trend reversal.
2. Volume Weakness:
*Volume has been declining as the price has increased, indicating waning buying interest.
3. Broken RSI Support:
*The stock has broken below a key weekly RSI support level and has retested it, confirming the bearish bias.
Trading Strategy:
Short Entry: Consider shorting HCLTECH around the current price level or a slight pullback to the broken RSI support level.
Stop-Loss: Place a stop-loss order at 1900 on a closing basis to limit potential losses.
Profit Targets:
Target 1: 1700
Target 2: 1540
Target 3: 1420
Key Observations:
1. Bearish Divergence:
*Price has made higher highs, but the RSI has formed lower highs.
*This divergence suggests a potential bearish trend reversal.
2. Volume Weakness:
*Volume has been declining as the price has increased, indicating waning buying interest.
3. Broken RSI Support:
*The stock has broken below a key weekly RSI support level and has retested it, confirming the bearish bias.
Trading Strategy:
Short Entry: Consider shorting HCLTECH around the current price level or a slight pullback to the broken RSI support level.
Stop-Loss: Place a stop-loss order at 1900 on a closing basis to limit potential losses.
Profit Targets:
Target 1: 1700
Target 2: 1540
Target 3: 1420
כתב ויתור
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