Sun Pharma to continue downtrend

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Sun Pharma             has been trading in down trend and trading in bearish channel respecting support and resistance although it fell sharply by making false break and again entered into the channel. It closed today on the edge of channel resistance but unable to make breakout, traders may wait to see the breakout and enter accordingly, if breakout occurs go long and if not go short with a target of somewhere between 650-635.
Trade active: stay short sun pharma till target.
Trade closed manually: close sun pharma short positions, it may retest the broken level before going up then exit close to short entry price.
Now as sunpharma has broken the channel should we exit the short positions or hold.
nextgen atul4b95
@atul4b95, yes close sun pharma short positions, it may retest the broken level again before going up then, exit close to your short entry price.
+1 Reply
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