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AUROPHARMA- BUYING EXHAUSTION AND REVERSAL TO EXPECT ?

NSE:AUROPHARMA   AUROBINDO PHARMA
Auropharma has made a phenomenal run in the last 10 weeks. Safe sector buying, under ownership in pharma space; call it anything one would like the move in pharma space in general and Auropharma in particular has handsomely rewarded those who kept their nerves steady in the recent up move.The stock has finished 8 consecutive weeks with weekly closing prices higher than the closing price of the preceding four weeks. If the next week closing price is above 652.5 (closing price of the weekly price of four candles before),a classic buying exhaustion pattern may emerge. Please check out the next chart in a shorter time frame for possible reversal entries .

Note:

The first version of this analysis appeared in the educational blog of Center for Research in Asset Markets and Economy (CRAME), Christ (Deemed to be University) Lavasa

DISCLAIMER

The content provided in CRAME blog is for educational purposes only. CRAME or the analyst(s) do(es) not assume any responsibility for the financial decisions/actions made on the basis of the analysis presented in the blog.

Analysts

Prof. Binu P Paul PhD
Prof. Soumya V ACSI
Trade active: Weekly close above the 4 days prior candle. The nine candle pattern as DM is completed.

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