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.
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...
- 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...
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).