NeeteshJain

Sunpharma - Breakout Descending Triangle (Big Buy)

Long
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.
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