Longer time frame. Decent risk reward ratio of 3x. LUPIN seems to be settling above 200DMA and the next resistance is at 1878. It should reach there in a month or so.
As per the observations, it has made a breakout from downward trending line on daily charts and also building a bull flag pattern. I would be expecting a breakout from current levels to reach target of 1850 levels.
Target 1: 1760 Target 2: 1800 Target 3: 1850
Stoploss: 1720
Lupin after a high 2129 has corrected in a zig zag ABC pattern upto the low of 1280...There was impulive upmove after the low to the high of 1689 which has been retraced by more than 61.8%. NOw a new upmove has started....Buy on dips..
A big red bar with huge volumes took out the support from where it made a reasonably sustainable bounce twice. The retracement back to the previous support has been with lower volumes. Downmove to resume?
