AbhishekHSinghCMT
Long

Auropharma - Hitting the Bulls Eye@615 - What Next?

NSE:AUROPHARMA   AUROBINDO PHARMA
Gained - 40 Points
As per last update - " Cypher is hiding in the cloud" we expected auro to move from 595-597 to 610 & 615 Target which was achieved. Later Selling from 615-617 zone if resistance seen- Bingo! Auro Turned exactly from 615 mark & close to 590

Last update - Cypher Hiding in the Cloud - 597 -615 & Back


What Next?
Risky Traders
590 is the support level next. If Auro holds at 590 & starts moving upside risky traders can put stops below 590 & trade for target 600 -605-610
Safe Traders
Moving above 600 & holding above 600 - expect similar target as suggested above 605 -610
Trade active: 10:56 Hrs 18th May 2017

Last Price@591.50

Change the stop loss@588

From Opening High of 597 -It had a fall to 590 where it halted for few mins but could not hold 590 & made new low@588.50

This is 2nd attempt holding at 590 - Risky Traders are you watching the Auro?
Trade active: 11:10 Hrs 18th May 2018

Last price@ 588.10

Stops have been taken below 588 so we close the intraday risky position & wait for some time
Trade active: 13:22 Hrs 18th May 2018

Last price@588

New Low@585 for the day

Retraced almost 99% of previous leg which had a low@584.80 - We start looking for push again from this low- we plan to trade once it pokes above 589-590 zone on upside.
Trade active: 13:35 Hrs 18th May 2018

Last Price@590.30

Double Bottom at 585 as suggested @588 above - we shall look for 600 -605-610 & above 610 - Hold the trade it could be your jackpot trade.

Trade closed: stop reached: 13:54 Hrs 18th May 2018

Last price@584.50

Today is the bad day to get any bullish moves so we close the post but do keep an eye above 590 again as we are close for big reversal upside
Comment: Traders should never trade expecting bullish moves below double bottom. Let market bounce then think of the trade.

Comment: 14:15 Hrs 18th May 2018

Last Price@579

Day Low@577.20

Below 585 - Puked below & sellers came in force but keep in mind Auro is good stock when bounces back next upside it will do a sharp move which it will take out 610- 621 -655 & above 700 & 740-750
We are standing at the bottom of choppy move just market confirmation is needed next.
Take Care & Have a nice weekend.
Comment: 14:20 Hrs 18th May 2018

Day Low @575

Last Auropharma Picture for the day below 585 - Double Bottom

Best Regards,
Abhishek H. Singh, CMT
India Regional Manager
http://in.tradingview.com
| LinkedIn
India Markets-BSE, NSE chat room- https://in.tradingview.com/chat/#b4sFOMIVqPkq8gfQ
Here is my thought
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@gulz, cheers!
+1 Reply
samyr99 AbhishekHSinghCMT
@AbhishekHSinghCMT, As ususal superb explanation and beautiful chart explaining the minute details
Reply
should we buy now...its still in downtrend...
Reply
@RajniKant, If Double Bottom Holds @585 then answer to your question should be yes or it will extend the buying time for some other day.
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