ZYDUSLIFE BREAKING OUT FROM 2-MONTH CONSOLIDATION
ZYDUSLIFE after an 82% rally, from Oct 2023 low to April 2024 high, without any significant pullback (greater than 8%) has been consolidating for the last 2 months that has now turned into a bullish Head & Shoulder pattern. The stock is attempting a breakout from this bullish pattern on about 2 times average volume. Momentum oscillator, RSI, too is indicating bullishness as it is entering above 60 zone. Technical structure and momentum on the monthly and weekly charts are strongly bullish. On the fundamentals side over the last 6 quarters (till Dec 2023) EPS has been recording significant growth. As the results for Mar 2024 Qtr are awaited shortly it is good to wait for the results before taking a call.
Only personal analysis. No recommendation. Please consult your financial advisor before taking any decision.
Only personal analysis. No recommendation. Please consult your financial advisor before taking any decision.
Raju KMS Datla
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