Posted this chart earlier. Price consolidated at the long held resistance line to breakout. 50DMA about to cross 100 DMA. Pharma segment is turning around. Good time to invest for long term gain. I shall cover select Pharma scrips as an when they fulfill the logic of technical study.
Trend is changing in Pharma industry after 3-4 years of slump condition. Note that Cipla is a very volatile stock. At present price has recovered from lows and is facing resistance. So this is a decisive level. Price is comfortable above 200 DMA and one more thing is 50 DMA may soon cross 100 DMA which will boost the sentiment. A correction or consolidation is...
- RSI +ve divergence (hidden)
- bounced from 200 EMA
- Targets are fib ratios 1, 1.618 on chart with SL as last low of 555.
- WAIT FOR BULLISH CANDLE TO GO LONG
Note - This is only for study purpose and i will not be liable for any PnL made based on above chart.