SUNPHARMA: The stock bounced off from a very strong support level. The momentum is supporting buyers. The RSI is well into the bullish range along with MACD which seems to be comfortable in bullish area too. A minor resistance is hindering the move at 430 above which a move past 500 levels are expected.
Pharma counters have been under the scanner and this counter after its strong upward run since August 2019 to challenge its former highs formed in March 2019 around 1770 before it succumbed to the selling pressure that emerged at those zones. The sharp decline from these levels are now attracting steady selling interest that has dragged the prices lower. With...
Looks beautifully bearish in weekly making lower highs. It was at an important weekly level in last two weeks. The red candle rejected the level as well as 50 EMA, giving me a negative bias.
On 8th, Trendline was mildly broken with a big engulfing candle and today, it was clearly broken, though with a green 50EMA rejection...
Key Levels for SUNPHARMA are : t.me - JOIN TELEGRAM CHANNEL
Risky Buy Above~424
Final Resistance~ 440
First Target~ 418.10
Final Support~ 411.40
Please trade with caution and consult your financial adviser before...
Sunpharma has to buck up momentum here. The advances are forming narrow candles, RSI is not quite pulling up, if the momentum fails to pick up in a session or two then this whole move up may be a corrective and a fresh sell off may be witnessed. Bearish view may be negated above 415 closing basis.
Currently wandering in key resistance area
Bearish engulfing candle stick
Bearish Shark pattern completed
Black box is probable reverse zone
Price rejection indicated by candle pattern
Currently at channel support so could wait for sometime for better entry ,don't jump into trade ,still support is not strong enough...