CIPLA has been retesting resistance but unable to breakout upside, it seems to be approaching the crucial 50% fibo level around 537 in near term, it is trading inside the bar and may to downward. traders may go short CIPLA for a target of 537 in near term.
Cipla after a steel fall and steep recovery & hovering at crucial retracement level (50% fibo level) has formed a bullish pennant. it is on the edge of breakout of pennant if breakout occurs there may be a positional buying opportunity with a target of around 650 in near term. traders may enter long at or after 570 level with a target of 650.
Cipla traded and closed below the Neckline of recently developed Head & Shoulder pattern. The pattern is self explanatory so need not to elaborate here.
It is been observed that the price action formed a big symmetrical triangle on hourly chart. Now the price action breaks and closes below the symmetrical triangle trendlines, indicating a confirmation on further bearishness ahead.
Target 1: 563 (next support levels)
Target 2: 550 (As per triangle measurements)
Stoploss: 590
Cipla seems to have completed an extended zigzag and has now resumed it's uptrend. However, for an entry can wait for a higher degree correction. That'd lead Cipla above it's all time high.
There is a strong price action observed as it breaks out from the previous resistance of 565 and as well breaks from the rectangular consolidation or correction phase. It is good time to join the rally.
After long continuation downtrend, yesterday the price action breaks through the downward trend line with hugh volume and also at the same time breaks out from a short Flag pattern. It signals a strong trend change and a bullishness in price action. The price action shall move towards the previous support at 570 levels and another strong support at psychological...
Cipla is consolidating for longer-time in hourly timeframe also, so I expect the breakout to be wild one atleast on 15mins, lets see what happens.
Happy Trading ! Happy Monday - Only we traders have guts to say Happy Monday :)
After a breakout from a upward trending channel, it seems there is a correction shift in the price action. From the current breakout levels it is measured that the price action will go towards the next support levels. It is good time to short with Target:508-504 Stoploss 528
