SYNGENE INTERNATIONAL : STRENGTH OF 2.5 YRS OF CONSOLIDATION
Syngene International Limited is an India-based contract research company. The Company is engaged in providing services from early discovery and development to commercial manufacturing for small and large molecules and a Market Cap of Rs. 24,500+ Cr. The chart is moving within a limited range since 2020 , for almost 2.5 years. Though the range is high but is limited , from 510 to 680. The stock remained untouched from the relative movements in Pharma Sector as well as market as whole. The stock is now consolidating.
When a stock is ready to come out any range, the bottoms get higher and higher as we seen in the chart , the bottoms are getting higher since Jun 2022. We are seeing Symmetrical Triangle Pattern. We see breakout of this pattern last week and since then the stock is consolidating. The next resistance is from 650 to 690, which is stock's life time high. If the stock crosses this level, there is possibility of a new trend , strong trend , with a gained momentum of last 2.5 years.
Symmetrical Triangle is completed and is already broken out , pattern is strong , high consolidation of 2.5 Years and 50 EMA Support , all these factors , indicates a break out in of this chart.
Entry @ CMP : 609
Targets : 650 , 690 , and if breaks the range (high possibility ) thereafter a new positive trend ...
Stop Loss : 605
This analysis is only for education purpose. Please do your own analysis before entering into any trade and trade at your own risk. Best Of Luck !!!
When a stock is ready to come out any range, the bottoms get higher and higher as we seen in the chart , the bottoms are getting higher since Jun 2022. We are seeing Symmetrical Triangle Pattern. We see breakout of this pattern last week and since then the stock is consolidating. The next resistance is from 650 to 690, which is stock's life time high. If the stock crosses this level, there is possibility of a new trend , strong trend , with a gained momentum of last 2.5 years.
Symmetrical Triangle is completed and is already broken out , pattern is strong , high consolidation of 2.5 Years and 50 EMA Support , all these factors , indicates a break out in of this chart.
Entry @ CMP : 609
Targets : 650 , 690 , and if breaks the range (high possibility ) thereafter a new positive trend ...
Stop Loss : 605
This analysis is only for education purpose. Please do your own analysis before entering into any trade and trade at your own risk. Best Of Luck !!!
Comment:
We see break out of the consolidation CMP @ 625.30,which is a good sign favoring our trade set up for our first target of Rs. 651.30