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The Trading Channel Price Action suggests that the TCS stock is trading in a box on a medium time frame. It can be a good swing trading strategy. The investor can buy a stock near the bottom of the box channel and close the position near the top of the box channel. Similarly, the stock can be shorted near the top of the box channel and position can be closed near the bottom. The stock is trading in a very narrow range of Rs 200 between Rs 2000 to Rs 2200.
The Trading Channel Price Action is perfectly applicable to the TCS stock. This stock was consolidating for very long before giving a breakout. After that, the stock was trading in a bullish upward moving channel. Recently, the stock shifted its channel after a breakdown.
The normal retracement level of the TCS stock is 50% on Fibonacci. However, currently, it is trading between the 50% and 61.8% level which is technically a no trading zone.
On the multibagger setup, the stock is currently trading below 20 period EMA. The price-volume analysis suggests that there is a delivery based selling in the stock. Though, the stock is bullish on option chain analysis but the heavy positions at the strike price of 1980 suggest a big player is expecting downfall. TCS does not have any correlation with the movement of Nifty. Also, it is underperforming stock of the Nifty IT index.
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