Aurobindo: Will This Pill End The Pain ?! contd..

Bravetotrade Mod Updated   
This is the continuation of my previous long term analysis on Aurobindo
As expected Aurobindo took nice support at 580 and rebound sharply upto the falling trendline of the downward sloping channel.


As expected stock seems facing resistance near 620-630 levels. The volume however is declining.
Stock had a huge volume at 'a' but long wick at the top says supply is there at 607.
As this resistance level is crossed at 'b' we dun see a spike in volume, suggesting declining demand.
A new high at 'c' but further declining volume, even less demand.
New high at 'd', price juuuust crossed falling trendline with rise in volume but doji bar says indecision. So may be some profit booking started.
Notice that the price declined thereafter that but volume is not picking up, it suggests that bulls are still holding and bears are not still active.

Currently it is trying to build a support near 598 level. Although these are signs of consolidate near resistance yet I would say that, as mentioned in my earlier post, 580 is a key level to watch out for. Holding or breaking this support may decide the near term future of this stock.

This is just an analysis and not an investment advice. I always respect if you have your own different opinion on the stock.

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ignore letter 'a' typed at the bottom of big candle. Read only letters 'a to d' on top of the candles.

It could be frenzied move by retail investors.

JJ Singh
Moderator, TradingView

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