Potential reversal of downtrend - Syngene International (BUY)
Updated
Syngene International daily charts show that it has been in a downtrend since 12-Dec-2016 making lower lows and lower highs.
Price broke above the downtrend resistance line in Sep 2017 and seems to have found support at levels of 440-450 (as observed in may 2017)
MACD & On balance volume indicators show bullish divergence as per the chart as observed in the month of May & August 2017 which signal early signs of trend reversal on the charts. Cup and handle pattern formation is also visible on the charts.
Trading Strategy : Buy setup
Buy @ CMP 501.5
1st target @ 550
2nd target @ 600
Stop loss : below 460
Risk/reward ratio : 2.49
Disclosure : The view expressed above is my own analysis on the stock. You are responsible for your own investment / trading decisions.
Price broke above the downtrend resistance line in Sep 2017 and seems to have found support at levels of 440-450 (as observed in may 2017)
MACD & On balance volume indicators show bullish divergence as per the chart as observed in the month of May & August 2017 which signal early signs of trend reversal on the charts. Cup and handle pattern formation is also visible on the charts.
Trading Strategy : Buy setup
Buy @ CMP 501.5
1st target @ 550
2nd target @ 600
Stop loss : below 460
Risk/reward ratio : 2.49
Disclosure : The view expressed above is my own analysis on the stock. You are responsible for your own investment / trading decisions.
Trade active
Note
First target of 550 achieved.Trade closed: target reached
2nd target reached
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