Cipla-Reversing from channel Support. Look for Long OpportunitieCIPLA.
Cipla - Daily Time Frame Analysis 📈
Technical Analysis:
1️⃣ Trendline Support
Cipla has been respecting a rising trendline support from the past several months, indicating a sustained bullish structure.
2️⃣ Breakout from Consolidation
The stock recently broke out of a descending triangle pattern with good volumes, signaling renewed buying interest.
The breakout level aligns with ₹1,534, and the price is trading above this level, suggesting the breakout is sustaining.
3️⃣ Resistance Levels:
Immediate resistance levels to watch:₹1,555.30 (Our Entry Point)
₹1,612.95
₹1,705.10 (target level 1)
4️⃣ Stop Loss (SL):
A key stop loss level on a closing basis is placed at ₹1,413.45, which aligns with a previous support zone and the lower trendline.
Trading Strategy:
Entry- 1556. Safe Traders wait for a close.
SL- 1413- Closing basis.
T1- 1705.
Higher targets can be considered as the bullish momentum continues.
Immediate resistance 1612. Watch the Price action near this level.
#cipla
