Posted for educational purpose.
Weekly chart of Cipla. It’s stuck in parallel supply and demand zone range for past 6 weeks.
Last spike is result day reaction. As the latest quarterly results posted on Friday ( 12th May ) looks to be good and may potentially trigger break out from this range.
Current price is 937.5
Stop loss of 930 ( < 1 % )
1st target 955 - 960 ( ~2% ) and if it sustains the potentially reach 996 - 1000 ( 6% ) as next target.
Weekly chart of Cipla. It’s stuck in parallel supply and demand zone range for past 6 weeks.
Last spike is result day reaction. As the latest quarterly results posted on Friday ( 12th May ) looks to be good and may potentially trigger break out from this range.
Current price is 937.5
Stop loss of 930 ( < 1 % )
1st target 955 - 960 ( ~2% ) and if it sustains the potentially reach 996 - 1000 ( 6% ) as next target.