Sunpharma - Breakout Descending Triangle (Big Buy) It is been observed that the price action breaks out from a descending triangle on hourly chart, indicating further bullishness and positiveness ahead. It is been consolidating for a while and this break out shall boost the movement towards the next resistance level at around 780 levels. Consider it a good buying opportunity.
Target: 782
Stoploss:745
SUNPHARMA
Sun Pharma: Price Drifts To SupportWatch the rally or the sharp spike up and the relaxed and slow drift lower to support. The fall indicates there is little selling pressure. Notice the bounce off support via a nice Hammer candle and higher volume.
As long as the recent low 730 is not breached, I expect a rally past 772.
Sun Pharma Short Setup (Double Top)It is been observed that price action failing to breach 770 levels due to selling pressure on higher prices that limiting the price action to 770 levels where it formed a double top (V-shape). Now it is a good time to short it with stoploss at 770 levels.
Target: 745
Stoploss: 770
Risk Reward: 1:5
Sun Pharma: Lots of Interesting DevelopmentsSun Pharma Chart is a nice case-study for students of technical Analysis. Irrespective of what your area of expertise is, there is something for everyone. Harmonics, Point & Figure, Wyckoff, trend channel and Andrews Pitchfork to name a few. I expect price to test the red-colored middle sliding parallel at 890-900 band.