Round bottom / Cup formation in progress.
HH and HL formation suggests upward momentum.
Broad RH and RS pattern adds more conviction on the long side.
Stop 525.
Target 650 plus.
The stock has formed a double top formation on weekly charts and looks bearish for short term.
There has been good volume on the day the stock made the high of 617.45 indicating sell off in the stock.
We can expect the stock to fall at levels of 500/490 and a reversal could be expected from then on. Make sure to keep a Stop loss at 618.
Syngene International daily charts show that it has been in a downtrend since 12-Dec-2016 making lower lows and lower highs.
Price broke above the downtrend resistance line in Sep 2017 and seems to have found support at levels of 440-450 (as observed in may 2017)
MACD & On balance volume indicators show bullish divergence as per the chart as observed in the month...
While seeing Syngene chart, I found the whole set of emotional movement. Most of the traders think why should we study trading psychology. Emotions moves the price and traders should be able to handle it to become successful in trading.
company posted bad result...
the stock is stuck between 0.5 and 0.382 retracement of last one year swing high and swing low....
target 504 stoploss 525
Syngene has broken long term downward trend line and taken support at 473-478 levels.Syngene is bullish for long term. However there is a hidden bearish divergence in the RSI. Hidden bearish divergence happens when price is making a lower high (LH), but the oscillator is showing a higher high (HH) Can buy this stock on dips or pull back with the stoploss 478....
