Cipla Breakout A good Downside Trendline on 15 Min Chart For Upside Move
Can Long On 850 Above
Traget As Mention
Qty Strickly Follow As Per RISK Management
CIPLA which was travelling within a parallel channel had just broken out and closed higher for the day. Going long from here, one can hold for the target of 940 ranges. If anyone missed this break out, not to bother - can wait for a retest & reversal around 850 to 845 ranges and enter there. SL for this breakout shall be below 834
Buying can be initiated above 924 for the first target of 970
initial Sl 893, keep trailing if comes in trade direction
Note : This idea is for only educational purpose
CIPLA is approaching Ascending parallel channel resistance zone R3 at monthly Time Frame
Always trade what you see, never trade what you feel. Make this a habit, you won't be requiring any seminar, webinar, or mentor, you will be self-sufficient.
Disclaimer : All charts are purely for educational and information purpose only. Invest or Trade at your own risk.
Note: This is for educational purpose only.
There seems to be a pullback post breakout in CIPLA. Pullback was on back of lower volumes which indicates lower selling pressure. RSI above 60 indicates bullish momentum.
After continues uptrend in CIPLA in today's session its breakout the head and shoulder pattern neckline. Also, It's trading below 200 DEMA in the 15-minute timeframe. Its indicates trend reversal up to projected minimum downside target 802. Possible this target achieve in today or tomorrow session.
Possible Trade:
Sell CIPLA below 820
Stop-loss - 824.50
Target 810 802-
