Rajesh_S

AURO PHARMA - NEUTRAL

NSE:AUROPHARMA   AUROBINDO PHARMA
Reasons for going short and setup:
1) About to break from Head & Shoulders pattern.
2) Trading below 100 and 50 EMAs
3) Selling pressure seen as it is near around all time high.

Setup:
Entry: After breakdown from neckline with good volume . Ideal entry below 850.50.
Stop Loss: Can keep at 856.00; slightly above the support zone .
Target: First target near 840.00 levels where is a support.
RR Ratio: 1.75 (Entry - 850.00; SL - 856.00; Target - 839.50)


Reasons for going Long and setup:
1) Some good buying seen near the support zone which can lead to breakout from the trendline.
2) Still trading above 200 EMA .

Setup:
Entry: Can enter after breakout from trendline with good volume . Ideal entry at or above 864.00.
Stop Loss: Can keep at 852.00 - 853.00; slightly near and below the support zone .
Target: First target near 880.00 levels where is a resistance.
RR Ratio: 1.5 (Entry - 864.00; SL - 852.50; Target - 880.00)

Note: Can keep an eye on NIFTY Pharma .
Trade closed: target reached: target achieved

Comments

sir there is rsi divergence on the right shoulder..
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Rajesh_S Tapechand
@Tapechand, In 1 hr time frame?
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Tapechand Rajesh_S
@Rajesh_S, yes... sell it below 850
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Tapechand Tapechand
@Tapechand, see it moved in other direction... always watch for dieergences around trendline breakout... happy trading
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Rajesh_S Tapechand
@Tapechand, yes, bro..i too was expecting and confident for long only...if only there was breakdown and close below the neckline i would've taken short.
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