rishiguy

CIPLA: Head and Shoulders breakdown.

Short
rishiguy Updated   
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.
_______________________________________________________________________________________________________________________________________________________

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
_______________________________________________________________________________________________________________________________________________________

Plan your trade and manage risk properly.
Like and follow for more. :)
Trade closed: stop reached
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.