TECH MAHINDRA - On Verge of Upside Reversal- Keep Watch

Tech Mahindra - CMP 439.70

Monthly Chart - 

* Technically Good Chart Pattern for reversal - Monthly swing positive divergence and 2 Bar Positive Divergence on RSI

* As per Elliott wave, Correction Pattern ABC, whereas as wave C is made a low between 50-61% of Fibonacci level.

* Price is hovering near Monthly Demand Zone

* High Volume at 2 Bar Divergence

* RSI tested near 40 level twice but not breach it.....which indicates if fall is limited and expecting reversal.

* As per 1 SD Volatility formula, 390 is looks to be maximum Low if it falls further which is exactly level of 61.8% of Fibonacci level

* If we see reversal, than maximum possible high can be seen till 487 in the month of November.

Lets plan the monthly positional trade strategy with bullish bias on pullback if RISK is manageable and affordable .