Even though it is formed in an uptrend, it is a perfect inverse head and shoulder pattern observed.
The volumes are giving a good confirmation that it's following its head and shoulder pattern formation.
However, don't trade until it takes support on its neckline with good volumes confirmation, trade only if it breaks out with a good amount of buying...
Lupin is very close to its ascending triangle breakout so I would suggest only BUY calls for Lupin.
Don't think about shorting Lupin as long as it is taking support on the trendline.
On 15-min timeframe, it has the support of EMA 200.
If the Pharma Sector tomorrow goes up, you can easily achieve the target for about 2% in Lupin if not, it may take some more...
It is nearing its triangle formation end, a breakout is soon to be expected.
Another pattern that's observed is the bullish flag pattern which approves that it will soon reach its former high that is 240.
200-205 will be a good price to buy, about 220 will be a good sell.
Keep Learning, keep trading.
