After posting a fresh 52-weeks low of around 198 during March 13, 2020; CADILAHC has seen spectacular run up and in that optimism stock convincingly crossed its previous 52-weeks high of around 536 (July 14, 2017) and registered a fresh all-time high of around 670 during mid May,21. stock has seen decent profit booking from its all-time high and corrected in past...
1. In 15m time frame the DMA's need to correct. A bearish engulfing has appeared a while back.
2. In 60m Time frame 10 and 20 DMA have just taken the right positions and the prices are above pivot point
3. In daily time frame the DMA's might take a day or two to correct. SMA's also need to correct.
4. Monthly DMA's are in order
5. The prices are currently at...
Head and shoulder pattern can be confirmed to breakdown below 613.5 levels. Although it would still be a risky trade since there exists multiple support zones and could be a pretty slow catch if it does break.
A tight SL is recommended.
Target could be 1% or 607 and if lucky, can try aiming for 600 too.
Please note - Not a SEBI Registered...
I will buy CADILAHC because :
It has been taking support at the trend line .
It has touched the support and has not been able to break it.
So will be looking at buying opportunities.
If it breaks the support look at shorting
Entry : 620/600
Target : 740/750
Stop loss : 580
READY FOR NEXT SPRINT, SUBMITTED DATA OF TRIALS TO GOVERNMENT AND CROSSING RECENT HIGHEST CLOSING WITH VOLUMES. NEWS OF VACCINE APPROVAL IN NEXT WEEK MAY BE. TARGET IS UNCHARTED.
KEEP SUPPORT AT 630, FOR POSITIONAL VIEW.