WIPRO short double top

22 Mar 2022

Wipro has formed a double top pattern over the past 3 trading sessions, ending the day on higher than average volumes approaching its resistance. An overall correction due to a double top is also expected in the overall Indian IT index. Trade should only be executed if there is a clear rejection in the first candle for any up move, and the double top is thus confirmed. The first 5/10 minute candle can give confirmation of the same, after which a tight stop loss can be maintained just above the resistance level at 613, and target at the next support at 597.