This is almost at the verge of ending its move
this is due for one last range bond move , then its high likely will make an upward move
One can look for investing in Pharma scrip as SIP on dip or wait for correction to complete and buy on reversal
for next up side move
MOST OF THE PHARMA COMPANIES ARE SIGNALLING BUY AND THE RESULTS ARE ALSO SEEMS TO BE GOOD.
THE PHARMA NIFTY HAS H&S FORMATION WITH NECK LINE AT 7777.
AND, THERE IS A CUP & HANDLE FORMATION WITH NECK LINE AT 8352.
FOR INDEX TO MOVE UP, THE RESISTANCE AT 8062 HAS TO BE CROSSED.
FROM THE CHARTS 8160 SEEMS TO BE THE NEXT TARGET.
Massive divergence on Monthly. I have personally not seen before, but if this holds , we can be sure that bottom could be in place. pharma has seen 4 years of stressful selling. time to pause and reverse !!! will see soon.
Its moving down but in very slow manner
it will high likely make one side ways pattern as consolidation before
Making an final drop
Let it move , its not an good idea to trade in the middle of consolidation
one can look for better opportunity when the corrective phase is over for larger move
Query : I have lost so much money in trading. Please help me to recover it.
Answer : Its said "A bad trading habit never disappears miraculously. Its an undo it yourself project". There are lot of reasons for a person to get loss in trading. But whatever the reasons you have for the losing trades, always remember, only you can make yourself as a successful
Pharma look short as the 20 EMA has crossed 10 EMA on the lower side . 9340 would act as a resistance on the upper side and 9070 would act as support on the lower side.
Stochastic is also pointing correction in CNX Pharma.
THE PHARMA INDEX HAD REACTED FROM 9500 LEVELS THREE TIMES.
THE INDEX IS POISED TO REACH 9300 LEVELS.
THE 9500 LEVEL IS 50% FIB LEVEL OF THE EARLIER GREAT FALL FROM 10800 - 8200.
IN CASE, THE INDEX CROSSES 9500, THEN NEXT TARGET WOULD BE 9830.