amankavi
Long

Auro : Bullish pin bar

NSE:AUROPHARMA   AUROBINDO PHARMA
Scrip has already come back from the retracement from double top bearish reversal quite sooner than expected and has already moved out from consolidation channel

Today candlestick has resulted in bullish pin bar

Bullish Reversal Pin Bar Formation

In a bullish pin bar reversal setup, the pin bar’s tail points down because it shows strong rejection of lower prices. This setup very often leads to a rise in price. The bulls have managed to pull up the price upto good extent

Planning to enter intra-day, if the scrip shows significant advancement

Enter above 790
TP - 795, 800, 805, 810, 820
Sl to be taken as per risk appetite
Comment: The Marubozu candlestick pattern is a one-candle, easy-to-spot signal with a very clear meaning however this one had a very small wick which has appeared after bullish pin bar which signifies bears have again managed to have their hold over the scrip..

Price action below 735 could be SHORT opportunity till 700

snapshot
Comment: There could be more SHORT opportunity as the bears have managed to get their hold over the scrip with Marubozu alike candlestick pulling the price action..
Planning to enter now below 705
Comment: Scrip has reached the crucial support level forming triple bottom
If going below 668, One can seize SHORT opportunity for TP as defined

snapshot
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