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oldwine
Jun 4, 2020 11:38 AM

RISE OF A DOUBLE TOP Short

SUN PHARMACEUTICALNSE

Description

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