RANGE BREAKOUT DONE, READY TO MOVE ?
Updated
This is daily timeframe.
Cipla was in consolidation in long range for 8+ months.
Finally it gave range breakout and retested its resistance zone,
which is acting as a strong support now.
Selling volume decreased in last three days of last week's.
Today it gave rejection to downtrend and had formed bullish engulfing.
May be now it will give a good upmove.
Let's keep close watch.
This post is for information purpose only.
Cipla was in consolidation in long range for 8+ months.
Finally it gave range breakout and retested its resistance zone,
which is acting as a strong support now.
Selling volume decreased in last three days of last week's.
Today it gave rejection to downtrend and had formed bullish engulfing.
May be now it will give a good upmove.
Let's keep close watch.
This post is for information purpose only.
Note
On 7th April, it did tried to break the small short term trendline, but bears dominated and it formed a gravestone doji giving a strong rejection to upper levels.Then it consolidated for few days and gave breakdown from the support zone.
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