manavtechresearch

SUNPHARMA trading in a channel on "WEEKLY" as well as "DAILY"

NSE:SUNPHARMA   SUN PHARMACEUTICAL
Both the trendlines (upper bound/lower bound) on weekly as well as on daily charts are providing crucial entry/exit area
Stock is bouncing/rebounding from this level perfectly
Although my expectation is that the stock will soon break good on the upside based on the assumption that the sector is on the verge of "Bottoming Out"
But again its a pure assumption i would rather wait for the stock to tell me what it is doing rather than me telling it what it is about to do
There is an indication that the stock is near its 100-dma             and 50-ma (523)
Close above these levels will give us the strength to break the range
Once its broken we will enter a trade
Comment: AS RECOMMENDED BEFORE STOCK HAS RUNAWAY
WHEN RECOMMENDED THIS STOCK @520
AS EXPECTED IT HAS CROSSED ITS 100-DMA/50-DMA
STILL WAIT FOR THE CLOSING ABOVE THE MOVING AVERAGES
WILL UPDATE AGAIN
Trade active: STOCK HAS FOUND GOOD SUPPORT LEVEL @534 BOUNCED TWICE FROM THERE
NOW ONE CAN TRADE OR HOLD POSITION TILL THE UPPER BOUND 555
535 IS ALSO THE 20 DMA
!!ENJOY!!
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