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.
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.
Unable to crosss the previous supply zone in daily TORNTPHARMA looks like will be going for a dip here.
Trade Plan:
Aggressive: if 1436 breaks first
Entry1: Short half the size at 1436
Entry2: Short the rest at 1461.
Conservative:
Entry: wait and short full near 1461
STOP LOSS:
For both methods SL is above 1482.
Target: 1400 and TSL
Disclaimer: All the views...
as we can see that there was a bearish engulfing pattern few days ago and and today bearish kicker signal there and price below 8ema and bearish divergence add to it.
Torrent pharma-hourly chart indicates a rising wedge pattern.
Can the stock fall out of this rising wedge pattern as the buying volumes
have dried up after the huge selling volume
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
