rishiguy

CIPLA: Head and Shoulders breakdown.

Short
NSE:CIPLA   CIPLA LTD
CIPLA had formed what seems like a head and shoulders pattern, from which it broke down from on 27-07-21. After breaking down from the pattern and range it fell from around 945 level to the 875 level. Since then it has pulled back quite neatly to the bottom of the range and has then created a huge continuation bar to the downside with above average bearish volumes.
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One could take a short positional trade keeping in mind the following levels, do only initiate the trade if the price stays below the "SHORT BELOW" level for at least 15 minutes.

SHORT BELOW: 909
STOP LOSS: 939
TARGET 1: 879
TARGET 2: 849
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Plan your trade and manage risk properly.
Like and follow for more. :)
Trade closed: stop reached

Comments

hi . will this short pattern continue still ?
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rishiguy nandha027
@nandha027, Price should go to 880 once it breaks 890. Past that, it will need to close below 875 because it has taken support on that multiple times in the past. If it closes below 875, it should be able to reach 850 pretty fast. Keep watch on a daily close to close basis. :)
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