Wipro breaks above the strong resistance

  • Wipro has been testing unseen highs soon after the Q3 earnings outcome and comfortably closed at new closing high of 351.75 on Jan 24,2019.
  • The stock just moved out of the 4-month long consolidation range of 300 – 345 levels and breaks above the strong resistance despite making several attempts in the past.

  • The stock rose nearly 5 percent in the last few trading sessions outshining along with some of its peers.
  • The average trading volume increased significantly, complementing the stock price action.
  • The stock is well placed above the 21-day moving average line.
  • The breakout from the strong resistance and no immediate resistance levels are suggesting the bigger move for the stock.