TECHM : Ascending Triangle Hints a rally towards 575

TECHM on NSE has been consolidating within an ascending triangle and stock is now witnessing some recovery from ascending trend line support of this pattern. Stock has witnessed multiple bottoms near 530 zones which is also supported by rising trend line and currently stock price has climbed above 20 days EMA which is also a supportive factor for short term bulls. Immediate support is now placed near 530; stability above this level keeps chances alive for a retest to resistance line of this triangle that stands near 578. Failure of 530 will invalidate this bullish setup and stock may witness retest to 510-480 zones.

Based on the above setup, one can go long in this stock among 554-546 with stop loss of 530 for targeting 576 and more upside in coming days. Currently trading at 554.40.

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