Hello traders, been a long time since I had posted any ideas, was busy. will be posting few good ideas here for positional/long term. As we all must know about LAURUSLABS, its a very good fundamental company. but since around 6-7 months, we haven't seen a good move in this. as overvalued stocks need to cool down somehow, and rally can't continue further, somewhere dip has to come. it has been consolidating around this support for a long time, and its finally at the support zone. its a good chance to buy this stock and pharmaceutical sector is going pretty good.
As always, simple and neat charts so everyone can understand and not make it too complicated. rest details mentioned in the chart.
will be posting more such ideas like this. Until that, like share and follow :) check my other ideas to get to know about all the successful trades based on price action. Thanks, Aniket. keep learning and keep earning.
My question: Isn't 370-340 is good buying zone considering the stock has testest the current support multiple times? It looks bearing in the longer frame with no sign of reversal. 370-340 has a good consolidation with a confluence of 200 EMA (Weekly).
Do reply if you see this as I'm a beginner who started learning Price action recently.
I've read your IEX post, and I've exact same view regarding that stock.
Aniketyourtechnicalanalyser
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hey @makhtc28, you are right and I agree with this point but looking a the current scenarios of CNXPharma (nifty pharma) and the whole market itself, the level near 370-340 is pretty hard to reach. plus this current long term support is the strongest support and it will break only if some major negative news or scenarios comes out in market or lauruslabs. nifty is about to touch record highs, and is pretty strong on charts. CNXPharma doesn't look as strong as nifty, but pharmaceutical companies will go well in coming weeks and I can also see uptrend possibilities in nifty pharma. lets wait for the market to react, there are few possibilities of your view too. But the chances are pretty less. good point though, I appreciate your thoughts. keep learning and keep earning :)
Do reply if you see this as I'm a beginner who started learning Price action recently.
I've read your IEX post, and I've exact same view regarding that stock.