Sun Pharma is forming double Bottom on Daily Charts & Getting Ready for New Rally... Downside is Limited & upside potentials very High.
Good Stock for Investment at current Levels for coming few months ROI can be 20-3% in 5-6 Months.
i guys, In this chart i Drew My Best Levels in SUNPHARMA for Long position using 4H Time frames.... I found a good level here. I Observed these Levels based on price action and Demand & Supply which is My Own Concept Called "PENDAM ZONES" ... Don't Take any trades based on this chart/Post...because this chart is for educational purpose only not for Buy or Sell...
Perfect Head and shoulder break down can be there in the Sun Pharma stock. It is trading around the neck line.
Sun Pharma is in the sell zone, as the market has retest the recent 50% fib levels.
This stock never fails to respect the fibonacci levels.
It has been consolidating and on the daily charts it has formed a gravestone doji. Stock is near it 200 DMA and...
Consolidation below highs over. Turning back on the daily charts as well as weekly charts
Bull trend on weekly charts started in 2020 - and the past 2 months were a longer term pull back in this bull trend
Stop Loss - 950 which is the median of the level at which consolidation started
Price Target - 1050 which was the previous high
Low Risk / Higher...
Technical Analysis :
Chart Type: Daily
Chart Pattern : Inverse Head and Shoulder
RSI : Above 50
Price is above 20 days MA and 200 day MA
Expected target : 990-1000
Following up on our earlier post for the scrip (link in related ideas and below....
The scrip is moving as per expectations.
However, we would like it to reach the upper resistance zone in a clean 5 wave structure.
Expected path marked...
Lets see how this develops...
Price has been consolidating near polarity support.
RSI divergence is clearly visible on the charts.
crossing 980 would signal resumption of up trend.
Lets see how this develops.
Nifty Pharma Near Make-or-Break Zone 11200/11400
Nifty Pharma on Long Term Charts nearing make or break zone
Reversal from here will be good opportunity for long term traders / investors
Sun Pharma is near Support Zone on daily chart. It is Good Opportunity to take Swing Trade
Entry
We can go long on next candle open.
Target
We can keep target near the next resistance zone as marked on chart.
Stoploss
We can keep the stoploss below the support zone.
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Technical analysts use support and resistance levels to identify price points on a chart where the probabilities favor a pause or reversal of a prevailing trend.
Support occurs where a downtrend is expected to pause due to a concentration of demand.
Market psychology plays a major role as traders and investors remember the past and react to changing conditions to...
