Cipla has been trading in a range from last 6 months.We have definite supply and demand zone at 870-885 and 980-997 respectively.Expecting an upside breakout after looking at today's price action.Reasons for upside breakout are as follow's
1)Stock has been in an up trend,and has previously given similar range breakout's on the upside
2)During every fall time...
25-Nov-21
CIPLA had taken the resistance from the 30day moving average and also taken resistance from previous consolidation zone which confirms bearishness in the stock. Below 883 level will have a good shorting opportunity.
1. Uptrend Channel support broken
2. Trading near Double top neckline, If close below 890 on daily may expect 8% fall
3. Nifty Pharma also Same pattern formed & already double top neckline broken can expect 8% fall on nifty pharma index also
1. Cipla is in long unwinding zone for last 4 week &
trading inside the channel
2. Above 50 EMA
3. Tested the support and bounced
4. Pharma Index also formed same pattern
5. Buy only If close above 920 & Expect 10% return
6. If closes below 50 EMA then expect 10% Correction
NSE:CIPLA
#CIPLA Trading above the resistance level and post sustainability confirmation one may try 900 CE
All the levels marked on chart, Swing reversal levels also mentioned for safety.
Happy Trading !!
Go long
Target 1) 947.10
Target 2) 968.28
Target 3) 978.78
When you see Cipla in 5year time frame you can see something interesting, Pharma and chemical stocks are in a bearish mood and they have fallen from their 52 week high dramatically, When you see Cipla in 5year time frame you can notice that its on the support level.
taking support at 890
resistance at 1000
will it take support ?
Educational purpose only.
This is not a recommendation -
I am not SEBI registered - Do not TRADE/INVEST basis what I publish here.
Inspired by - Trading Mirror telugu
