Torrent Pharma has very weak setup.
1. Standing at very crucial Daily, Weekly, Monthly support.
2. Monthly made Head and Shoulder pattern.
3. Monthly trading below fib 23%.
4. RSI below 50. (even daily weekly & monthly)
5. Touched lower band of Bolinger Band.
A close below 1200 can trigger massive fall in this script.
Giving no targets just watch the price...
Torrent pharma broke out of a 'Falling Wedge'. I think it will retest the previous high atleast and if it breaks that high and goes beyond, we might be in for a big move. For now, a retest of the previous High is a good target to look at.
Bullish Hidden Divergence on the MACD seems to support the idea of an upmove.
The stock seems to reversing its prevailing downtrend. It has crossed the last resistance decisively which would work as support in future. Now we have good structured Stop loss for our long trade. Today's bar formed a 3L-R bullish Bar so one can buy the stock for a target of above 1550.
Unable to crosss the previous supply zone in daily TORNTPHARMA looks like will be going for a dip here.
Aggressive: if 1436 breaks first
Entry1: Short half the size at 1436
Entry2: Short the rest at 1461.
Entry: wait and short full near 1461
For both methods SL is above 1482.
Target: 1400 and TSL
Disclaimer: All the views...
Above Kumo Cloud
Breaks above consolidaton zone.
Price above Tenkan & Kijun Line.
ADX has started trending.
Stochastic not in overbought zone.
Next Resistance - Gap Down Zone.
Closing above resistance of 1560 may take the stock to 1700.
Its been observed on daily basis that Torrentpharma facing resistance 1370-1380 trend-line. This might further go down. Its a sell @ 1350-1355 levels with strict stop loss of 1375 on closing basis.
TP - 1320
SL - 1375