NeeteshJain
Long

Sunpharma - Breakout Descending Triangle (Big Buy)

NSE:SUNPHARMA   SUN PHARMACEUTICAL
It is been observed that the price action breaks out from a descending triangle on hourly chart, indicating further bullishness and positiveness ahead. It is been consolidating for a while and this break out shall boost the movement towards the next resistance level at around 780 levels. Consider it a good buying opportunity.

Target: 782
Stoploss:745
Trade closed: stop reached: That marked breakout on above chart didn't close above the trendline as marked below, which indicated selling pressure on higher levels.



Learning: Importance and significance of closing on Daily chart. Breakout on hourly chart should also be confirmed on daily chart.
I really appreciate the "moral of the story" part, which gets forgotten easily usually. Great work Neethesh!
+1 Reply
NeeteshJain kishore90raj
@kishore90raj I believe it is the only part which makes us grow and Growth is life :)

Thanks for your generous remarks.

Regards
Reply
Neetesh bhai.... Out of 10 u get 1 stop-loss... Which is very good percentage
+1 Reply
NeeteshJain udaya.gujaran
Thank you Udaya, I respect your generous remarks. Regards
+1 Reply
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