Are you on the lookout for a profitable swing trading opportunity? Wipro might just be the stock to keep on your radar! In this post, we’ll dive into the technical analysis of Wipro’s share price and why it looks promising for a long swing trade.
Why Wipro Share Price is Gearing Up for a Big Move
Daily Chart Analysis
On the daily chart, Wipro’s share price is forming a classic head and shoulder pattern, which is a popular setup for swing traders. This pattern suggests that the stock may soon experience a significant move. What makes this opportunity even more interesting is that the stock is retesting the neckline of the head and shoulder pattern. A retest like this can often attract more buyers, adding bullish momentum.
Additionally, Wipro’s share price is respecting a long-term trendline. This trendline adds an extra layer of support, indicating that the stock could hold steady and make a strong upward move from this level.
Hourly Chart Confirmation
To further validate the potential of this swing trade, we’ve analyzed the 1-hour chart. On this timeframe, Wipro’s share price has formed a double bottom pattern right at the neckline of the daily head and shoulder. The double bottom is another bullish indicator, confirming that Wipro is gearing up for a move upward. This alignment between the daily and hourly charts makes it a compelling setup for swing traders.
Entry and Exit Points
- Entry Point: Around ₹530
- Stop Loss: ₹510
- Target: ₹580 or higher (This gives us a risk-to-reward ratio of 1:3)
This trade setup offers a solid risk-to-reward ratio, making it a high-probability trade opportunity. With the stock ready to “fire up” from this support zone, we could see a nice run towards the ₹580 mark or beyond.
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Conclusion: A Promising Swing Trade Setup in Wipro
Wipro’s share price offers an exciting swing trading opportunity, with technical indicators on both the daily and hourly charts aligning perfectly. While no trade is ever guaranteed, this setup presents a calculated risk for those looking to capitalize on a potential upward move in Wipro’s share price.
Disclaimer: Trading in the stock market involves risk, and past performance is not indicative of future results. This post is for educational purposes only and does not constitute financial advice. Always consult with a certified financial advisor before making any investment decisions.
