CIPLA has made rounding bottom pattern breakout.
Simple INTRADAY trade setup for 02-08-2021.
For buy trade --> Go long above 925. Targets are mentioned on the chart.
For Sell trade --> Go short below 910. Targets are mentioned on the chart.
My personal view is bullish on Cipla. It gave RSI Bullish divergence by forming higher lows in the RSI...
The price action/behavior in Cipla shows that the buyers are strong and have been pushing the price higher which should result in a breakout . There have been multiple retests on the resistance zone / the supply zone . However , RSI shows a clear divergence or in simple words , RSI is making lower highs . Hence it would not be advisable to take a position in...
Can go long if closing above 923 - Length of old channel is around 475 rs. Next long term target may be in 6-9 mnths should be around 1300-1400. It has sustained above the channel for 2 months; and analysis is backed by blockbuster results posted this quarter.
SL - Weekly closing below 730
as of now it has taken support. one can go long as per their trade setup, it might come again to same reversal zone and then if find reversal again one can go long from there as per their trade setup.
******whatever charts or levels sharing here are just for educational purpose only not a...
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.