Cipla
Cipla: Time to Book Some ProfitsWhat market doesn't like is high volume and it hates when it is immediately followed a clear sign of distribution. Its definite that smart money has taken advantage of the parabolic markup and they have started to sell at their favorite auction price. They trap the gullible retail trader at the top and drive the price down to the potential stop loss of the retail buyer and the process of accumulation and distribution repeats.
The current surge in volume and price in this stock (after a 10% gap opening on 9th April 2020) can be considered as a full/partial profit taking opportunity rather than a buying opportunity at this point of time. Its better to wait for fresh buying in case of pullback.
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Regards
JJSingh
CIPLA - Ready to Takeoff?Cipla Monthly Chart, 408 - 365 earlier accumulation zone of 2013. Currently tradingin same range. If it suistain this level of 365, then target of 500 and 800 can be seen. If it breaks this level of 365 further more down side around 275 can be seen. Strict SL of 365 or 375 to be followed.
CIPLA Positional WeakWeekly is showing a halt in the continued DT. Price below 50 EMA.
The weekly zone is proving important in Daily. I am seeing 4 rejections. Yesterday price closed below the 50 EMA. We can see 6 back to back red bars, giving a nice bear picture.
In the 75 min, price broke the level of 467 on 6th Jan and is giving a nice pullback to test it with two wick rejections. Also, there is nice RSI Divergence to confirm the weakness. A good positional short opportunity with SL at weekly zones.