Birlasoft - Bullish Trigger - Long Term - Sectoral Tailwinds

6月16日

Hi Folks,

Good weekly closing above 30 WEMA after a good bullish weekly candle signals bullish territory ahead. RSI has already broken out in Daily TF, a breakout of RSI on weekly will give sharp upmove.

Why Bullish territory?
1. Weekly close above 30 WEMA.
2. Breakout sustained above 640.
3. Change in overall structure, from LH-LL to HH.
4. RSI breakout in daily tf shows bullishness in short term.
5. Sectoral tailwinds, mostly all IT stocks are giving a run up.
6. Technical double bottom visible according to price action (PA)
7. Solida bounce from demand zone.(PA)

Elliot Wave Analysis
Counts are marked on weekly TF. Following is the inference.
1. Wave 2 gave classical retracement of 61.8%.
2. Wave 4 retraced almost 50%.
3. 2-4 trendline is marked, any price action below this trendline will change the structure.
4. Targets are marked on fib projections.
5. Larger 5 wave is ongoing.

I am not sebi registered. This view is only for tutorial purpose, please don't trade basis on this. Please take advise from your financial advisor.