CIPLA TECHNICAL ANALYSIS: Might enter a Bear zoneCIPLA has been trading in a range for almost 5 years now ( Look at the chart)
But, now I think we might see a new trend- Potentially a bear one.
The problem with most traders is they think "indicators are everything" which is simply not true .
A fancy cluttered chart with 10 indicators doesn't mean accuracy at all.
I think you can trade with just basic tools, you just need to know everything about them, extensively.
Today is 9th October 2019 (9/10/2019). This is a 3 Month chart.
CMP-411.90
i Believe CIPLA is changing its trend as the trendline which has been been acting as support from April 1st 2003 has been broken, But CIPLA has NOT closed below this trendline. This is a 3 MONTH chart, it closes on Jan 1st 2020. The ultimate confirmation will be when CIPLA closes below the trendline. The view is very clear, I don't complicate things.
What should this mean to you?
If you hold CIPLA in cash market, now is the time TO NOT even think about getting out. (You're already on a lot of loss right now but things might change if it doesnt close below the trendline)
If you're looking to invest into CIPLA, You shouldn't right now either. Wait till the candle closes ABOVE the trendline.
Trade safe and sound.
