February 14, 2018

IWM Month breakout and Weekly support

  • IWM Month chart shows the Breakout from the pattern and Price retesting the pattern resistance line. The resistance line of the pattern is now acting as support. This breakout will be invalidated if price falls back into the pattern.
  • IWM Week shows support at 50 Week SMA. Bulls are safe if price stays above this line. Next bigger fall when and if price closes below this line. 

TATA Consultancy Services Chart Analysis

  • Month chart shows the big breakout and Correction which has erased half of the gains for bulls. 
  • Now weekly chart shows previous high's as possible support zone for this correction. If that zone is not held and price falls back into the pattern then its worse for bulls. Bulls must stay above 2800 levels to avoid bigger bearish possibilities in the coming months.