Trendline broken with decent volumes, initiate long
RSI trendline also broken
RSI at levels of 60
Hold for targets of 711, 737
Good support at levels of 660
Hello Everyone
As per hourly Chart pattern cadila has been trading in symmetrical tringle pattern.
Today market open at 9.15 and cadila has bounced back from lower level trend line area. if cadila sustain above this zone then we can see good upside move .
Target : 645 655 668
Stop loss : 618
#niftypharma 6% single candle fall on pharma index today. only reason technical analyst could see if probably the pending due bearish divergence marked. all gains of 3 months gone in single day.
Formed bullish Peanut pattern in accumulation phase expresses the Fear phase at MAJOR SUPPLY 1H with results into breakout. Further retesting pull-back zone at yellow doted... but if you see observe bearish CUP & HANDLE zone have being leading to frequent breakout upto @648.
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Points to be Note (Technical + Fundamental)
1. Nifty Pharma is in accumulation phase...
NIFTY PHARMA, moving in symmetrical triangle.
If this pattern breaks and goes above 14200, we will see a big rally in pharma stocks.
Keep in watchlist and set alert.
Cipla is forming a pole and flag pattern, with the price action during the last two months. A breakout from the upper end of the flag can be traded for a small target of the 52 Week high at 966 and second target with the fibonacci pivot if the trader feels comfortable. The SL can be set at 900.
Note: Please do not follow my idea blindly, analyze yourself as well....
