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Possible Bullish Inside Day Candle Pattern Detected for Wipro (NYSE:WIT)

By Nick Russo

SmarTrend's candlestick scanner has spotted a possible bullish inside day candle pattern in Wipro (NYSE:WIT) based on the price action in the company's shares. Yesterday's price range of $9.84 and $9.95 is within the prior day's high and low of the day. This trading action often signifies indecision by bulls and bears to drive prices higher or lower and often implies a possible change in trend. Traders and investors interested in shares of Wipro may want to consider an appropriate entry level in the event a reversal to the upside transpires. It is important to look for confirmation.

Wipro Limited specializes in IT and computer related technologies. The Group's services encompass a number of areas, including software architecture, business intelligence systems, e-commerce, data warehousing, Internet access devices, network management, system administration, messaging systems, IT consulting and design. Wipro also has a presence in niche markets of consumer products.

Wipro (NYSE:WIT) has potential upside of 6.1% based on a current price of $9.90 and analysts' consensus price target of $10.50. Wipro shares should first meet resistance at the 200-day moving average (MA) of $11.98 and find additional resistance at the 50-day MA of $12.20.

In the past 52 weeks, shares of Wipro have traded between a low of $9.81 and a high of $13.08 and closed yesterday at $9.90, which is 1% above that low price. Over the past week, the 200-day moving average (MA) has remained constant while the 50-day MA has advanced 0.3%.

SmarTrend recommended that its subscribers protect gains by selling shares of Wipro on July 19th, 2016 by issuing a Downtrend alert when the shares were trading at $11.29. Since that call, shares of Wipro have fallen 13.0%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: bullish am inside day candle wipro

Ticker(s): WIT