Sunpharma might form a new high (26/09/22).

Sunpharma on the weekly time frame has given a nice bullish engulfing candle and a nice 6% return this week.

The market has given a negative return but this stock has remained in green.

There is possibility of another up move in the coming week and the stock may form new 52 week high.

It is following the market movement. It has broken the resistance level of 900 and retest the levels.

Three points confirmation for a trade
1. Crossed 20 ema on the daily time frame.
2. Closing above the resistance level , high volume break out and closing above 200 ema on weekly time frame.
3. Candlestick pattern :- Bullish engulfing pattern.

If the stock breaks and closes above the levels of 925 on the daily time frame, a trade can be initiated.

Targets :- 940-45, 950

Wait for the stock price to cross the level. Watch for the price action near the levels before entering the trade.
A swing or intraday trades can be taken in the stock.


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