Missed Bearish Cypher pattern
While XAB clearly adhered to rules of Bearish Cypher pattern, BC did not hit inverse fib ratio 1.272 of AB.
Observations
1. The price precisely touched 0.236 Fib level and bounced back.
2. The retracement level drawn from X to C, the price closed above 0.382 Fib level at 2,076.75 which makes it a key support level.
Bullish
Breakout on daily level.
Double bottom formed.
EMA crossed over SMA
RSI near 50
Fundamentally good stock.
OBV (On-Balance Volume at 1.03B) significant volume flow.
CMF is at 0.11 (Modestly positive showing accumulation and bullish behaviour)
Price pullback to close above 0.382 Fib level.
Bearish
If downward channel at Daily timeframe is adjusted to include point D.
LIC's equity stake in Lupin now stands at 2.542%, down from the previous 4.569%.
Takeaway
SHORT IF: The price does not gain momentum and breaks below 2,076 and 2,041
LONG IF: The price closes above 2,102.25 with significant volume.
Observations
1. The price precisely touched 0.236 Fib level and bounced back.
2. The retracement level drawn from X to C, the price closed above 0.382 Fib level at 2,076.75 which makes it a key support level.
Bullish
Breakout on daily level.
Double bottom formed.
EMA crossed over SMA
RSI near 50
Fundamentally good stock.
OBV (On-Balance Volume at 1.03B) significant volume flow.
CMF is at 0.11 (Modestly positive showing accumulation and bullish behaviour)
Price pullback to close above 0.382 Fib level.
Bearish
If downward channel at Daily timeframe is adjusted to include point D.
LIC's equity stake in Lupin now stands at 2.542%, down from the previous 4.569%.
Takeaway
SHORT IF: The price does not gain momentum and breaks below 2,076 and 2,041
LONG IF: The price closes above 2,102.25 with significant volume.
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