Cipla seems to have completed an extended zigzag and has now resumed it's uptrend. However, for an entry can wait for a higher degree correction. That'd lead Cipla above it's all time high.
There is a strong price action observed as it breaks out from the previous resistance of 565 and as well breaks from the rectangular consolidation or correction phase. It is good time to join the rally.
After long continuation downtrend, yesterday the price action breaks through the downward trend line with hugh volume and also at the same time breaks out from a short Flag pattern. It signals a strong trend change and a bullishness in price action. The price action shall move towards the previous support at 570 levels and another strong support at psychological...
Cipla is consolidating for longer-time in hourly timeframe also, so I expect the breakout to be wild one atleast on 15mins, lets see what happens.
Happy Trading ! Happy Monday - Only we traders have guts to say Happy Monday :)
After a breakout from a upward trending channel, it seems there is a correction shift in the price action. From the current breakout levels it is measured that the price action will go towards the next support levels. It is good time to short with Target:508-504 Stoploss 528
