Sun Pharma looks good in the short term. Long

SUN PHARMACEUTICALNSE

Description

⋅ Mar 29, 2018 11:05 AM

-Price holding nicely near key long-term support.
-Bullish falling wedge pattern.
-Multiple divergence on RSI.
-Divergence on Stochastic.
-Bullish crossover on MACD.

Trade closed: target reached

⋅ Apr 2, 2018 7:02 PM

Waiting for breakout.

Comments

anupminj7

⋅ Mar 30, 2018 1:26 PM

NICE WORK

AyushSinghba

⋅ Mar 30, 2018 1:30 PM

@anupminj7, Thanks.

ajit_bobs

⋅ Mar 30, 2018 1:59 AM

Can go long with support of 490-95? I guess 510 call option good to play long side?

AyushSinghba

⋅ Mar 30, 2018 1:33 PM

@ajit_bobs, That's what I had in mind. Good risk to reward ratio. The only problem is that the trade will be against the long term trend of Sun Pharma. Nifty is also in a downtrend, but since the S&P 500 and Dow Jones rallied on Friday, that shouldn't be a problem for a short-term trade.