Cipla is at a strong retracement level (0.5). It has been in a downtrend for a long period of time. Was in a consolidation phase for a week and a half, broke out down side till the 0.5 fib level. Possible upmove as RSI is not going down by large levels as compared to price. Can initiate a long position but wait for confirmation.
Advanced Double Top was formed of which the target was also achieved. Chart has been following the angular support for a long time and if it keeps to follow the angular support, a long position can be initiated at Rs1068-Rs1070 with first target of Rs1086-Rs1090. Whenever RSI reaches 30 or below, a trend reversal has been seen. Continuing that pattern is also an...
A support/resistance can be seen at Rs. 39.00, if breakout is below the level, downtrend shall continue. If the level acts as a support, first target should be approximately Rs. 40-40.25. Next test of resistance will be level of 41.25 since the chart is following the retracements levels to the absolute perfection.
