Reversal trends on TCS Ltd
Tata Consultancy Services Ltd. (NS:TCS) is India’s biggest IT service exporter with revenue of Rs. 2,090 crore for the year 2019. The company has received many awards and recognition all over the world for its services and customer relationship. TCS is the only Indian company in the list of “Top 20 firms to work” in the US which displays its level of services provided by the company as it trains its employees to be much effective. The company’s stock fell by around 5% during the past three trading sessions while its market value fell by Rs. 58,293.29 crores to Rs. 7,50,833.42 as the global market trembled across as the fear of Coronavirus spreads over the globe.
The following Ichimoku cloud signifies that there would be an upward trend in the share price as the formation of green cloud continues and also it is moving upward which indicates a change in the bearish trend of the stock in the upcoming trading sessions. The decline in the price of the stock is a reversal trend that would be changed as it reaches the support level price.
The conversion line is above the base line along with the bullish candlestick of Chikou span which are the buy signals for the stock and the reversal trend of the stock is the result of price correction movements as the global scenario is not stabilized. The company has also entered into a contract with a global leader in Retail and wholesale pharmacy to renovate its IT model and services which is worth $1.5bn. .
The following graph shows that the Moving average of the stock is Rs. 2175.12 which would be achieved by a bullish trend in the stock as the market opens and also it indicates that the average price of the stock as the actual price of the stock would be around Rs. 2100-2150. The support level of the stock has been marked as the share price of the stock rises as it reaches its support level or low price. The following market movements are the price correction movements that trigger the opposite trend for the stock, so just sit back and wait for the trend to change in order to make money.
