AbhishekHSinghCMT

Auropharma- RSS is unreliable at 680 -Fool's paradise

Long
AbhishekHSinghCMT Updated   
NSE:AUROPHARMA   AUROBINDO PHARMA
10
Control your mind -RSS in the present context has no connection with anything else other than technical analysis . R-Resistance & S- Support.

Since Aug2015, Auropharma had played with the important level of 680- because every time it dipped -later bounced back very strongly.

Trading Strategy
Scenario-1
If you get any move below 680 -be careful this time as well as sellers could be trapped again because of its very nature which auropharma has been repeating since Aug 2015-going below 680 & closing above could be an early sign that bulls want to push pharma back above 700 & can extend its upside travel above 720-723 zone if sustained for the 780-800 zone.

Scenario-2
Pushing above 720-723 zone & staying above that zone can likely continue to 780-800 zone where it faces next resistance & I shall come back again.


Trade active:
09:45 Hrs 23rd Jan2017

Last Price@691

Turns above 680-- day's low 681- Wow! ( Atleast Intraday 10 bucks in the pocket).
Trade active:
15:10 Hrs 24th Jan2017

Last price@710

Green candles I love it!!!

Best Regards,
Abhishek H. Singh, CMT
​Growth Director - TradingView India

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