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Aurobindo Pharma: Getting Ready For Consolidation

Short
NSE:AUROPHARMA   AUROBINDO PHARMA
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Looking at the price action, there is a case to suspect that he stock could get into a prolonged period of consolidation or range-bound movement between the two magenta lines marked in the chart.

Pay attention to the spike in volume few weeks ago when the price approached the top magenta line. The price got rejected at the higher end of the range, which is a classic sign of "distribution" in Wyckoff terms.

Unless there is a quick breakout above the top magenta line, I would not be surprised with a gradual slide to the lower magenta line at 582-ish
Comment: So far so good. Price dropped to the lower magenta line and has bounced back quickly. The brief excursion below the lower magenta line is just a Wyckofff Spring. Would expect a rally to the upper end of the range or the top magenta line soon.

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