convincingly broken through its long-term resistance
✅ The stock has convincingly broken through its long-term resistance level of 1044 which has been in place for over 6 years. This breakout signals a major bullish reversal in the stock's long-term trend.
✅ The breakout is backed by a notable surge in volume, adding credibility to the move and reducing the risk of a false breakout. The increased buying interest at higher levels shows market confidence in further upside.
✅ The RSI is currently at 82 signaling that the stock is heavily overbought in the short term. While this suggests strong momentum, it also increases the likelihood of a near-term retracement or consolidation.
✅ It would be prudent to wait for a retracement to the 1000-1050 range before entering fresh positions. A successful retest of this level would provide a strong entry point for a potential long-term rally.
✅The pharmaceutical sector has been performing well, with growing demand for healthcare services and pharmaceuticals post-pandemic. Other stocks in the sector have experienced significant rallies, including Dr. Reddy's, Sun Pharma, and Divi’s Labs. Given the broader sectoral strength Jubilant Pharmova is expected to follow suit especially after this long-term breakout.
✅ The breakout is backed by a notable surge in volume, adding credibility to the move and reducing the risk of a false breakout. The increased buying interest at higher levels shows market confidence in further upside.
✅ The RSI is currently at 82 signaling that the stock is heavily overbought in the short term. While this suggests strong momentum, it also increases the likelihood of a near-term retracement or consolidation.
✅ It would be prudent to wait for a retracement to the 1000-1050 range before entering fresh positions. A successful retest of this level would provide a strong entry point for a potential long-term rally.
✅The pharmaceutical sector has been performing well, with growing demand for healthcare services and pharmaceuticals post-pandemic. Other stocks in the sector have experienced significant rallies, including Dr. Reddy's, Sun Pharma, and Divi’s Labs. Given the broader sectoral strength Jubilant Pharmova is expected to follow suit especially after this long-term breakout.
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A simple trader, distancing from the fake crowd. Simplifying complexity, I prioritize genuine insights over trends.
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