praveen.bhatiya
Long

Inverted Head and Shoulder Reversal

NSE:SUNPHARMA   SUN PHARMACEUTICAL
The stock was in downtrend and making lower low since last 2 years. It is showing sign of reversal now and formed classical inverted Head and Shoulder pattern. It has broken the neckline significantly and also short term trend line . One can conclude that that it wants to go up now. Recent budget reaction provides an opportunity to accumulate the stock for investment. Short term traders can also trade the pattern on seeing some strength. RSI came out of oversold zone and currently at 50 is also confirming the decision.
US FDA issues Form 483 for Sun Pharma's Halol facility in Gujarat with 3 observation ... my guess, it would touch 450 again
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@mklives, Technical setup is still intact and looks promising however market is supreme the pattern are just a simple help to find an opportunity with reasonable risk.
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you are absolutely right praveen. Its a reversal, long term investors should get in to this stock as its heading to test longer term moving averages now. First target is Rs. 700 & Target 2 will be around Rs. 850, which will be revised later as the stock price behaves further.
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@pawan613, Thanks for confirming my views :)
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