LUPIN
Lets Read The Chart And Observe It
If you see the tail candle of 9th March 2020 week you can clearly see prices was rejected from the low of 504 and close at 605 volume was also good (Above Average).
Next candle of 16th march 2020 is also bullish candle with higher volume than previous candle. The 23th march 2020 candle was strong bearish candle form in supply area of 9th March candle.
Now come to the candle of 30th march nice strong bullish candle every retailer or price action trader who don't respect volume will now start thinking bull run has started, and start buying at any price they are getting. But look at volume its a above average volume but lover than previous volume. In the same week of 30th March 2020 we all started to see or hear from every source that Pharma Stock are going to boom on bias of COVID19, India will be supplying medicines to U.S and other major countries. And retailers started getting in and start buying.
Prices were getting higher till the week of 13th April 2020. Volume is still higher (Slightly Lower Than Previous Candle Volume) enough but range of the candle is now get narrow than all previous candles we observe till now. There also a good wick to this candle which clearly start indicating someone is start capping the prices or supply getting over the demand. Clearly at this point stock is weak.
Now let we see what happens in next two candles.
Candle of 20th April 2020 week one can immediately say its a bullish candle as it's closes higher with the highest volume we have seen and also a tail which indicate strong bullish sentiments. But can anyone think why the range is gets narrowed than previous bullish candles. Again clear indication of supply is happening in background. And we are now also in a territory of consolidation happened previously.
Now lets see what happened in last week (27th April 2020). Candle with tail gap up open at 899.95 make high of 906 find strong resistance at 901.75 made low of 811.55 closes near the low 835.30 volume above average not abnormal clear indication Bear Taken Over The Bull Move.
Note: 817.3 Is Support Level So We Can See Some Consolidation Between 817-901 Before Downtrend Started In Lupin.