Cipla - Important Support + Double Wedge

NSE:CIPLA is at an important support tracing back to 2014.
It's currently trying to overcome it and has a positive market structure with good trend strength.

As you can see it is having 2 rising wedges forming, a smaller one inside the bigger one .
Indicating a very good sign of bullishness.

One should expect upside and look for long trade opportunities.
Trade active: Breakout from wedge and good bounce from support. Can be expected to rise further.
Comment: Today, good follow through after breakout from wedge. But couldn't sustain. That's why triangles and wedges are least liked by me, personally.


S.L 570 will be O . K.?
dravya AMBRISH
@AMBRISH, I wouldn't like to trade anything in this at the moment. 570 is quite aggresive, SL would depend on your risk appetitite.
Any Update, as Cipla has taken support on upper boundary of rising wedge.
dravya AMBRISH
@AMBRISH, as I said i don't like the wedge and traingle pattern, and that's what happened. you can''t make money in the long run with such weak-held trends. thanks.
dravya AMBRISH
@AMBRISH, instead lookout for the green line and trade.
AMBRISH dravya
@dravya, Thanks for clarification.
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