All indicators are positive and weekly chart also slowly turns to bullish trend. It may reach the targets (Mentioned in the graph).
Cmp@1365
Stoploss:1260(closing basis)
Vijayaraghavan,
Kovilpatti.
TORANTPHARM price action has given a breakout from accumulation zone 1325/1350, after bullish confirmation from breakout zone, it can retest its resistance 1571 by keeping stop loss below 1272.
1. MACD is positive
2. volume picking up
3. RSI supportive.
Share is moving in a channel (shown by blue lines). In last few days, Share has increased with good volume but has came down with comparatively very less volume (volume highlighted in graph). Share has formed Bullish Harami Pattern (shown in blue box). RSI is also supporting price rise. Share price will go up.
Torrent pharma reversal from support levels of 1190. After formation of hammer and green candle on 1D chart. Hammer about to form in 1W chart. Can buy.
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TORNTPHARM is moving in a channel/fallingwedge for over a week.
Probably a trend continuation pattern, giving a good upside move after a breakout,
The wedge Can break out in any direction, but upward break seems more logical
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.
