oldwine
Short

RISE OF A DOUBLE TOP

NSE:SUNPHARMA   SUN PHARMACEUTICAL
Sun Pharma
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DOUBLE TOP __1 day chart pattern
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APRIL 27 tested a new high (504.80) and failed to break it. Almost after month+ it has risen above to its Previous HIGH.
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I would go SHORT around " IF THERE IS ANY RESISTANCE AROUND IT'S PERVIOUS HIGH OR IF THERE IS A SIGN OF A NEGATIVE CANDLE
( HANGING MAN ) IN THE NEXT FEW DAYS"

TARGET__ 475- 450
STOP LOSS __ HIGH OF THE RESISTANCE OR THE RED CANDLE YET TO BE FORMED

WARNING -- GO SHORT ONLY IF THERE IS ANY STRONG RESISTANCE AROUND PREVIOUS HIGH 504 (+3,-3) RANGE.
Comment: Jun 5 3:05
THERE HAS BEEN A NICE RESISTANCE AROUND THE PREVIOUS HIGH (504)
Trade active: Inverted hammer formed at the end of the day.June 5
Trade active: Another negative day
Price@ 489

Comments

If it forms a shooting star or inverted hammer today (1day chart pattern) at resistance then it's probably good idea for a short
+1 Reply
oldwine LoungeMarketAnalytics
Reply
Looked weak above 500. Can we short sell for a target of 570 on monday if weakness persists?
Reply
oldwine itsmeshreeharsha
@itsmeshreeharsha, Yes, BUT MAKE SURE THE WEAKNESS PERSISTS--> Important
Reply
oldwine itsmeshreeharsha
@itsmeshreeharsha, And make sure there is no news on Sun Pharma that as the potential of rising the stock up
Reply
@oldwine, Thanx
+1 Reply
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