Chart Of The Day- Wipro rallies 3.2% after the results

Wipro reported yesterday just after market hours. It beat revenue estimate although missed street’s profit estimate. It rallied 3.2% to strongly retake 50-DMA line with above-average volume today (190% more than average volume). Its been 6 weeks from a good “saucer” it formed on weekly chart. It’s currently trading at 318.2, 5% away from pivot point (334) of the saucer. The relative strength is also impressive at 83. The stock needs to be closely watched for some up-days with above-average volume while it approach and breakout from the pivot. However, one should be wary of EPS strength and market condition and needs to observe them carefully.

Wipro_MarketSmithIndia

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