Breakout of cup and handle pattern in Aurobindo Pharma. The stock belongs to the pharma sector, so I'm expecting less impact of COVID scenerio on the movement of this stock.
#tothemoon
Note: This is strictly for education purposes. I'm still learning the concepts of stock market. I'm not responsible for your profit or loss. Do your own analysis before taking any...
A weekly breakout with 780 as a stop loss and trend can touch to 1500 levels.
*****
Please support the effort & if you feel it deserving, do appreciate it with a Like and following me would only add on to the motivation.
I believe in keeping the chart simple for easy interpretation.
Kindly express any disagreement & improvements so that we learn & earn...
Aurobindo Pharma
CMP 965.75
Observations
- we are looking at a weekly chart of Aurobindo Pharma
- the stock tried it's luck to trade above the red line back in August 2020, but it could sustain on a weekly closing basis
- in the current set up, the stock is sustaining above the red line on a weekly closing basis
- the stock has closed near the high of 967 made...
Aurobindo Pharma after making low around 290 levels , has made high of 960+ levels. Since then stock has been in correction and retraced around 38.2% till 730 levels. however stock has now given Inverse Head and shoulder pattern breakout on 1 hour chart.
we expect long term prior trend to continue, support is around 790/740 levels.
PS: chart and view for purpose...
NSE:AUROPHARMA
Clean momentum in Weekly - Breakout and Retest function
On the Daily, clean Uptrend - taking support at previous Breaout high
On 75m - Inverse Head and Shoulders Pattern. A swing long entry can be taken only on confirmation (breakout of the neckline).
