Buy only if it closes above 560
for the targets of 570/585
and SL will be 540
Sell, if it closes below 530
for the targets of 515/500
and SL will be 540
Note: Do your own study before making any positions...
Cipla after a sharp fall from 619 levels now price has halted near trend line support. RSI Oscillator from over sold (RSI30) sharply reversed to (RSI45).
Price has taken support near major trend line, & looks like Buying!! Traders can buy in the zone 502 to 525 range and maintain stoploss current recent low has price failure near the trend line.
Happy Trading...
Cipla has formed a inverse Head & Shoulder Pattern.
One can go long with a target of 570/590/610
Keep a Stop Loss at 540.
Traders are advised to initially stay light with positions & later on add as the volume starts picking up.
Plotted different trendline on Month timeframe to show the struggle. Holding 515 aggressively OR 475 conservatively on closing basis, expect breakout else a breakdown.
stock is in down trend
in the recent past bounced
now showing signs of resuming it's original trend
one can look into this stock for a target towards 550/535
Detailed Analysis plotted in Chart.
Combination of HARMONIC & Fib Retracement.
Take Support from @ 548+ Level
in WAVE - 3 Count it is GOLDEN RATIO of Fib Retracement i.e 1.618 Level.
TGT: Watch Fib Levels mentioned in the Chart.
A clean 5 wave decline in day TF and 4 Hr TF along with RSI, MACD positive divergence + breaking out of a falling wedge.
Above the cloud - uptrend resumes in day TF.
Larger TF : 5 wave decline ( Part A of the correction ) in week TF from highs and then a corrective upmove to the fall from highs. Likely c ( 5 wave ) of B has ended ...if the next uptrend form...
Buy @ CMP 576.6
Signals are generated using a proprietary indicator developed by me using Tradingview Pine Script (). Key performance metrics generated from TV Backtester are published below (2007 to 2017). Original signal came few days ago but you may enter now as the price is down from the original entry value and you could take advantage of a possible upside...
Cipla weekly looks in a Triangle correction. prefered counts is Wave(4) and alt count is (X)
so cipla is going to get choppy for sometime.
I feel its better to avoid long term longs in this counter
Long term positional short SL 645
CMP 592
TGT 537.5/430
Remember D leg comes around 537.5 after which E leg pullback towards the barrier is expected.
Trade at your...
