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AkshayAdak

RANGE BREAKOUT DONE, READY TO MOVE ?

Long
CIPLA LTD (NSE:CIPLA)  
AkshayAdak Updated   
NSE:CIPLA   CIPLA LTD
Trend Analysis Support and Resistance Chart Patterns breakout priceaction priceactionanalysis supportandresistancezones Bullish Patterns LONG uptrend Bullish Engulfing
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trendanalysis supportandresistance chartpattern breakout priceaction priceactionanalysis supportandresistancezones bullish long uptrend bullishengulfing
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.
Comment:
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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