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TCS Preparing To Scale New Highs!!

TCS preparing to scale new highs!!

TCS corrected 21% from the highs of 2280 to 1794 levels in Oct-18. The stock now has regained most of the lost ground and is now near a crucial zone of 2100. This is the zone from where the bears had pressed  the accelerator and bought the stock down to 1794 levels in three candles. The stock bounced  from the 38.2% of a major swing  and that was an indication that the trend was still strong. The Fibonacci confluence zone of 1794-1831 is a cluster of 38.2% and 50% of the two swings from 1364 and 1007. This is an indication that the trend was still intact and strong. The trend line support too remains intact , which is yet another indication of the trend being strong. The RSI on the weekly charts is oscillating between 80 and 40 and shows  that the stock is in a strong bull trend. The moving averages on the RSI is about to give a bullish crossover and that will be further indication  of strength in the counter. The bears had pressed the accelerator from the 2100 levels and once the zone is conquered the stock will scale back to its previous highs of 2280 which is some 10% from the current levels of 2087.

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