Mindtree completed a 3 wave correction i.e. A,B & C by finding a low at 602.35. After which this stock will now take us through a 5 wave pattern which can get us anywhere between 666 and 695
Technical Indicators
While IT index is currently going through wave 4 correction, mindtree is showing sluggishness and is not reacting equally to that. Currently mindtree is going through wave 2 correction which may end somewhere between 612 to 620
mindtree has strong support at 602.35 and the wave will not breach it. Once the correction is over, mindtree should take wave 3 closer to 660 levels and then correct mildly and should march to 695 as part of wave 5 and final movement upwards
Leading indicators showing a positive upward slope inspite of this correction i.e. stochastics, RSI & Williams%R. Trend indicators still showing weakness on charts MACD, TRIX & overlay indicator Parabolic SAR
Force index a volume and price indicator shows very positive upward sign on graph very close to zero midpoint
Summary
mindtree looks almost bottomed out just another 10 to 20 points downward slope possible. Buy mindtree on dips somewhere between 620 and 612 and target 660 with a SL of 602.5
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