NSE CIPLA: Price Action Analysis

forextidings Updated   
Cipla has formed a downtrend channel for two months. Prices are moving below 200 EMA, which indicates a bearish atmosphere. We can see a downtrend channel on the 4-hour timeframe chart.

Currently, the price has taken support at the lower band of the parallel channel. It has made a range at 938. If the price sustains above 938, It can touch the upper band of the parallel channel.
Price will make a new low after the breakdown of the parallel channel with heavy supply pressure.
I will Update further information.
Price touched the upper band of the parallel channel .
Trade closed: target reached
What about this breakout?


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