CNXPHARMA Channel Breakout Setup

NeeteshJain Updated   
It is been observed that the pharma sector trending in a downward trend channel and now breaking out from a small channel pattern highlighted in blue shade. With the sector trending down and moving down, it is indicating a selling pressure in all other pharma stocks like biocon, sunpharma, cipla, Ipca, and Drreddy's. Therefore, I believe it is a good time to short pharma stocks.

Target: 11475
Stoploss: 11700
Trade closed: target reached:
Pharma Stock did crash as the index. Targets achieved

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.