CIPLA is in big bullish move but seeing short term correction trend now and price to see its previous support in this month. so may not move up in coming week with out testing support zone.
The excellent bullish engulfing and solid wave pattern displayed by last week's Cipla candles reinforce the upward trend. Cipla should expect achieving the shorter-term target of Rs. 1490–1500, where a significant resistance level is present.
There is a potential short opportunity in Cipla, below are the reasons,
1. In 4 hours time frame CIPLA price got rejected at a Resistance
2. Resistance line coincide with Fib 0.5 retracement level
3. Minimum 1:15 R:R
in.tradingview.com
Cipla can add your portfolio for the short term view.. weekly candle reversal identified from trend channel support...Trend is uptrend. now cipla good entry zone. risk taker can apply your own strategies derivatives. Risk to Reward favorable.20 SMA 1420,
#CIPLA
Stock gave decent correction last month. Reversed from 1335 levels, then formed a strong damand zone at the level - 1390-1400.
Now earning is there. Market is signing up for the second phase. I never believe that news makes chart. For me chart and technicals are always formed first, many days before, and then news comes into the market.
So as per the...
Is Cipla ready to touch new highs?
Cipla recently provided a breakout on January 2nd, following an extended period of consolidation. During this consolidation, we observed the formation of a bullish continuation Head and Shoulders pattern. Now, with Cipla executing a perfect retest after the breakout, we are optimistic that the skies are the limit for its new journey.
View is mine money is yours DYOR before investing or trading
expecting a bullish view in cipla
RESISTANCE break out and retest done
volume buildup
after the retest volume showing strength in favor of bulls
Cipla taken Multiple support at previous resistance level of 1415 - 1420.
Morning star pattern observed near support, along with positive reversal in momentum.
Entry was today @ 1440 with a stop loss @ 1415 and a target of 1500, 1505, 1510.
Happy Trading,
Cheers,
Yamini Prabu
NISM Certified TA,
Independent Trader/Trainer.
