Wipro is showing a potential trendline breakout on the daily chart after forming a base around the 170–175 zone.
The stock has moved above the descending trendline, indicating improving price momentum. The key resistance is around 210 while the 175 zone remains an important support area.
Key Levels:
Current Price:184.50
Breakout Zone:184–188
Support:175
Major Support:167
Major Resistance / Target:210
Upside Potential
From the current level of 184.50, a move towards 210 represents approximately 13.48% upside potential, as highlighted on the chart.
Downside Risk
If the breakout fails and price declines towards the 176.50-177 support zone, the potential downside from the current level is approximately 4.36%, as indicated on the chart.
A sustained move above the trendline and 188 could strengthen the bullish setup. However, traders should watch the 175 support closely, as a breakdown below this level could weaken the structure.retest of the 175–180 support area before the next directional move.
Risk–Reward Perspective: The chart currently indicates approximately 13.48% upside potential versus 4.36% downside risk from the current price level.
Overall View: Positive above the trendline and 188, with 210 as the key resistance
Disclaimer: This analysis is for educational and informational purposes only and should not be considered investment advice or a recommendation to buy or sell any security.
The stock has moved above the descending trendline, indicating improving price momentum. The key resistance is around 210 while the 175 zone remains an important support area.
Key Levels:
Current Price:184.50
Breakout Zone:184–188
Support:175
Major Support:167
Major Resistance / Target:210
Upside Potential
From the current level of 184.50, a move towards 210 represents approximately 13.48% upside potential, as highlighted on the chart.
Downside Risk
If the breakout fails and price declines towards the 176.50-177 support zone, the potential downside from the current level is approximately 4.36%, as indicated on the chart.
A sustained move above the trendline and 188 could strengthen the bullish setup. However, traders should watch the 175 support closely, as a breakdown below this level could weaken the structure.retest of the 175–180 support area before the next directional move.
Risk–Reward Perspective: The chart currently indicates approximately 13.48% upside potential versus 4.36% downside risk from the current price level.
Overall View: Positive above the trendline and 188, with 210 as the key resistance
Disclaimer: This analysis is for educational and informational purposes only and should not be considered investment advice or a recommendation to buy or sell any security.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.