Posts Tagged ‘internet access’
new York, October 19th (TradersHuddle.com) – Shares of Wipro ltd (NYSE:WIT) ended the trading session lower by $0.04 or -0.41% from its previous close. Wipro’s price action developed what can be considered a reversal pattern in the form of a tweezer bottom, which is a candlestick pattern that is usually formed at the end of a downtrend. the tweezer bottom is considered a reversal pattern, so traders will need to monitor the the price action for confirmation.
Wipro ltd (NYSE:WIT) is a Bangalore, India based company that specializes in IT and computer related technologies outsourcing and consulting services. the company provides software architecture, business intelligence systems, e-commerce, data warehousing, Internet access devices, network management, system administration, messaging systems, IT consulting and design.
Traders looking for an entry in Wipro can use the tweezers as a good reference point to establish the long position, as the pattern provides defined risk by giving a good reference point for support.
Traders are always looking for tweezer bottoms as they give an entry with a small risk defined, they are a leading indicator that provides an alert for a trend reversal or stabilization. the tweezers imply that bears or sellers were not able to push the stock lower, therefore providing the opportunity to look for a bounce. Below an example of Tweezer bottom reversal patterns: