SUVENPHAR (A good trade)It has given a good breakout , retest is also done. Enter before big volumes comes in.
SUVENPHAR
SUVENPHAR - WEEKLY CHART ANALYSISThe stock on a monthly timeframe have retraced to 23.6% and is now showing strength in the recent past.
On a weekly timeframe it was consolidating in a very narrow range in the last 6 months and finally breaking out few weeks back with good volume support.
541-559 is the supply zone and it had close this week inside this zone. It should either consolidate a week or two in this zone and there after continue its upward journey.
500-520 levels shall now act as a support and stock should not close below it on a weekly timeframe.
590-618-630 these levels are small resistances. where the stock might face some selling but that shall be absorbed soon and those are the all time high levels.
As per the trend based fib 934 is an ideal level that shall be tested in the long term.
My view stands invalid if the stock closes below 461-479 support zone on weekly basis.
Disclaimer: This is just an analysis and not a buy/sell recommendation. If you intend to trade this counter then do your own due diligence and trade at your own risk.
Breakout in Suven Pharmaceuticals...Chart is self explanatory. Entry, Targets and Stop Loss are mentioned on the chart.
Disclaimer: This is for demonstration and educational purpose only.
SUVEN Pharma , Breakout candidate above 500Suven Pharma #SUVENPHAR looks to be a eligible counter for breakout above 500
The counter has been in the 450 -500 range for a while now , any sustainable breakout above 500 with good volumes should take it to new levels ,
SImilarly any drop from the 450 range the stock should be avoided for longs
Note : This article is for education and research purpose only , Please consult your financial advisor before taking any investment decisions
