LUPIN
SMALL Stop Loss Trade based on PFUp sloping Pitchfork is capturing the frequency nicely and thus offering a good trade with small stop Loss. One can trade it in the following manner
Entry 732
SL 724 (closing below on hourly basis)
Target 760
Risk/Reward Ratio 3.50
Disclaimer : All ideas are my personnel view. Please take financial consultancy for trading decision.
Lupin idea for the coming week!! Take or Keep levels!!!The first day of August futures showed nice buying done in the pharma sector. Lupin once if cracks and sustains above 780 cash levels can show 790 and 800 plus targets in the coming week. A buy on dips is recommended in this counter with a Stop of 765/762.
The red line is the Stop.
Green is the CMP.
Purple lines are the two targets!!!
Lupin on watch for next week!!! 4hours chartLupin is stuck in a range according to older price actions taking place at these levels. If one wants to go long, a close above 782/784 is mandatory with a strong green candle. 767 and 762 will act as a major supports for the coming week. If it breaks 761 / 759 downside support is at 752. So, don't be in a rush to short. There are multiple supports till 730 and that too strong ones! This counter may show 800 plus levels soon on the charts!!!
The yellow rectangle is the price where major consolidation has took place now and before. The arc which is seen in the last is the upper target zone.
Lupin Buyers are taking controlLupin Buy near 745-740 Target 765-775 Stoploss 725
Reasons For Trade- 1. Price has closed abover important support level of 740 on daily chart 2.Excess buying is done 725-730 levels.
3. Price has formed lower high on daily chart.
4.Price has filled gap near 725-730 levels.
5.Bullish candlstick pattern is formed on daily as well as weekly chart
6. Risk Reward is 1:1