Cipla: Time to Book Some Profits

Bravetotrade Mod Updated   
What market doesn't like is high volume and it hates when it is immediately followed a clear sign of distribution. Its definite that smart money has taken advantage of the parabolic markup and they have started to sell at their favorite auction price. They trap the gullible retail trader at the top and drive the price down to the potential stop loss of the retail buyer and the process of accumulation and distribution repeats.

The current surge in volume and price in this stock (after a 10% gap opening on 9th April 2020) can be considered as a full/partial profit taking opportunity rather than a buying opportunity at this point of time. Its better to wait for fresh buying in case of pullback.

All the opinions are personal.
Do like if it helps.
In some cases a multiple level distribution can be seen, where the price is pushed up marginally everytime to print new highs and trap breakout traders. It normally happens over a longer period of time.
Stock was not able to move above the 615 level but there is no supply as of now. This may happen to be a time wise correction as long as it holds 570. Below which we may see price wise correction.
The easiest way to move this stock up would be a gap up above 615 and go..Let's see.

Long consolidation
Below 564 there is 530

JJ Singh
Moderator, TradingView

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