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Short

Descending triangle - Sanofi

NSE:SANOFI   SANOFI INDIA LTD
The stock is showing strong support at the 4080 levels. The current pattern shows a descending triangle , constantly testing this support level for the past 3 months. The descending triangle is showing exhaustion as indicated by the Accum/Distribution trend. The A/D is a leading indicator that takes into account volume aspect of the trade as well. One should expect a downward movement to the 3800 levels, followed by a possible bounce back. Fundamentally Sanofi is a good stock currently trading at a P/E of 30.
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