Sun Pharma: A Bullish OutlookHello Friends,
Welcome to RK_Chaarts,
Let's analyze the Sun Pharmaceuticals chart using technical analysis, specifically the Elliott Wave Theory. According to this theory, the September 2024 top marked the end of Wave III cycle degree in red, and the March 2025 bottom marked the end of Wave IV cycle degree in red Now, Wave V of cycle degree in red has begun, which will move upward.
Within Wave V, we should have five sub-divisions of Primary degree in black, with Wave ((1)) & Wave ((2)) already completed. Wave ((3)) has started, with five further sub-divisions of one lower degree intermediate degree, We've marked these in blue, with Wave (1) and Wave (2) completed, and Wave (3) started. Within Wave (3), we have minor degree waves in red, with Wave 1 and Wave 2 completed, and Wave 3 breaking out today with good intensity of volumes.
We can see that the wave counts are super bullish, and so is the RSI, which is above 60. The MACD is also positive, and the price is above the 50-day and 200-day EMAs on the daily and weekly time frames. There's no moving average hurdle, which is another super bullish sign.
We can also see a higher high and higher low formation, which is a bullish sign according to Dow Theory. Additionally, an inverted head and shoulders pattern is forming, with the right shoulder being made. When it breaks out above the neckline, it will give us a target, which aligns with the Elliott Wave Target projection.
All these indicators – technical analysis, price action, and Elliott Wave – point to a bullish trend. However, there's an invalidation level at 1550; if the price falls below this level, our wave counts will be invalidated.
We're projecting targets between 2000-2200 based on Elliott Wave theory projections. Please note that this analysis is for educational purposes only and should not be considered as investment advice.
This post is shared purely for educational purpose & it’s Not a trading advice.
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Sunpharmaanalysis
Sunpharma set up move up another 80-100 point soonSunpharma looks highly bullish with three major technical logic.
its trading above the price with highest volume transaction
its reverse from the fib retracement support
before making the big bullish candle there was a insider bar.
Sl would be around 1700 with target 1900-1950
SUNPHARMA Prediction for Swing Trading SUNPHARMA Prediction for Swing/ Posional Trading
Breakout at entry (1162) level. Entry can be retest in future.
Sls- according to you RRR.
Targets- 1180,1200,1215,1235,1255,1275,1275,1315,1350,… (more will be updated later if need )
According to your “STOMACH” book your profit. Always maintain your risk management.
Watch Carefully – The Chart Explains For Itself.
Disclaimer:
I am not a SEBI Registered Analyst. Anything posted here is my own analysis and views. This is created for educational purposes only. Always consult your Financial Advisor before taking any decision or trade.
Happy trading.
About SUNPHARMA –
Sun Pharmaceutical Industries Ltd. engages in manufacturing, developing, and marketing of pharmaceuticals products. It offers tablets, capsules, injectable, inhalers, ointments, creams, and liquids. The company was founded by Dilip Shantilal Shanghvi in 1983 and is headquartered in Mumbai, India.
Swing Trade Opportunity in SUNPHARMARefer the chart for Entry,Target and SL.
NOTE: This trade is only for Equity Swing buy and not to be considered for options trading.
Please do follow Position Sizing and Risk Reward Ratio while planning any trades.
Note: This information is for education purpose only and please do your own research and consult your financial advisor prior to taking any action.
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Bullish Breakout in SunPharmaAmid today's 333 points Nifty Selloff, the only Nifty stock gave a bullish engulfing breakout is NSE:SUNPHARMA .
Multi timeframe analysis gives various aspect to be bullish for at least 1:1 Risk-to-Reward target:
In W chart, it's a clear breakout of a rounding bottom patten created over last 8 years (since 2015).
During this course it breaks out convincingly the last all-time-high of 1200 around 2015 Q1.
In D chart, it is trading in a nice up trend channel. Today's candle near-beakout of the upward channel's upper band.
Very high volume in Daily chart
And today's candle is an overwhelmingly convincing Bullish engulf patten.
Trade: BUY above 1405 for a 1500+ target. Keep a SL of 1310 (closing basis).
Swing Trading Opportunity in Sun PharmaOn the daily timeframe chart of Sun Pharmaceutical, the price is approaching a resistance zone that has been tested multiple times. As this resistance has been tested multiple times, it may be considered a weak resistance. If the price gives a strong breakout above this resistance zone, it could present a great opportunity to take a swing trade.
For entry, we can go long after a breakout of a strong bullish candle above the resistance zone. It is advisable to initially enter with half quantity, as most breakouts tend to fail. After the breakout, when the price pulls back to the flip zone to take support and then starts moving in the direction of the breakout, we can add the other half quantity. Sometimes, the price doesn't pull back, which is why we enter the trade with half quantity after the breakout candle closes.
Regarding the stop loss, we can keep it below the resistance zone with some buffer.
We can set the target near the all-time high, as it may provide a significant resistance level and a potential area of profit-taking for traders. However, it is important to note that we should also monitor the price action closely and adjust our target accordingly if we see any signs of weakness or reversal in the trend.
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Head and Shoulder in Sun Pharma (09/05/23)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 if it breaks down below the zone the moving average will also be passed.
Stop loss and target levels are provided in the chart itself.
Wait for the price action near the price levels before entering the markets.
SUNPHARMA LEVELS FOR MONDAY - 24-10-2022Important SUNPHARMA Levels ( Support & Resistance ) for Monday Market- 24-10-2022.
Disclaimer:
I am not SEBI Registered Analyst, This Channel Videos are 100% Education Purpose Only, Myself or my Channel Not Responsible for Your Profit/Loss, Please consult Your Financial Advisor before trading/investing on share market.