In last 2 years, the rally which Mindtree gave is actually a dream-run. From the price of approximately 900 in Apr 2020, it touched a high of 5060 in Nov 2021. Its manifold returns in just 20 months approx. Really dreamy… 😍 What next?
Now, from Jan 2022, it started showing the sign of exhaustion when it made a swing low of 3555. In the given weekly chart, we can see that it’s s trapped in a triangle and its current support zone is 3550 – 3700. Also its sitting on 50EMA (orange line). In coming days, if it holds the support, then upside is expected till the upper trend-line and if it gives a break-out then only it will go up. Whereas if we talk about the downside, if it breaks its support zone, then it can fall upto levels of 3391 and 2878 (which are basically 0.6 & 0.5 Fib levels). Hence take your positions accordingly.
Happy Trading 👍✌️
