ZYDUSLIFE seems to be hitting 644.00 level multiple times but unable to break it out.
Hence that acts as an important resistance level.
Go long once the resistance level is broken and price breaks 645 level
First target could be 655.00 and second target could be 52-week high level (668.00)
Happy Trading :)
ZYDUS LIFESCIENCE LTD
Key highlights: 💡⚡
✅On 1Hour Time Frame Stock Showing Breakout of Ascending triangle Pattern.
✅Strong Bullish Candlestick Form on this timeframe.
✅It can give movement up to the Breakout target of 670+.
✅Can Go Long in this stock by placing a stop loss below 630-.
Zydus Life Science-Nice breakout.
Capital to be deployed- 20k
Price -525-532
Stoploss-466
Targets-640/797
#zyduslifescience #nifty50 #NiftyBank #investment #StockMarket #StocksToBuy
Looking forward in this script to be a short trade for the time being within the disclosed range.
Pattern is suggesting a downfall as per my personal experience.
Let's watch it for the time being.
Price has reacted to a Monthly Supply and has given a Sell confirmation in Weekly and Daily,
Price has formed a Fresh 6 MOS Demand @ 454.05 inorder to reach the Demand Price has to take a fall, also the Reward to Risk ratio is favourable.
Observations::
the stock is trending upwards in daily time frame.
now the price is facing resistance @ 530 range.
if price break this resistance we have next resistance @ 565-575 range.
now the stock is looking weak in buyside, we have a trendline resistance well,
if price breaks the trendline, we have a chance to buy till the resistance, keep track this...
Wave 1 is complete, Here the Wave 1 is a Leading Diagonal which tells us the Wave 3 will be way stronger than what we come accross generally;
Wave 2 has retraced Wave 1 by 61.80% which is a Golden Ratio and Fibonacci goes perfectly with the Waves logic,
Now Wave 3 is forming
According to the Fibo Ext tool we have the 1.618 Golden Level giving us the...
Price has reacted to a Monthly Source Supply in the left side, Destination Demand is @ 454.50
We have a Confirmation in Daily hoping it is not a "False Breakout", the Reward to Rito ratio of 7:1, justifies the only little risk, or you can also wait for a confirmation in Weekly chart and enjoy Reward to Risk ratio 2:1
ENJOY THE RIDE ! ! !
After being in an UPtrend for a while now, Its correction time Price will retrace back to the Fresh Monthoy Demand and will again presume Buying for long term, Investment Traders can book their Profits and add again when Price reaches the Monthly Demand.
ENJOY THE RIDE !!!
The Brackets come naturally bein a coder!!!
![ZYDUSLIFE: {ZYDUS}:[{NOW COMES THE FALL OF 12.90%}]](https://s3.tradingview.com/o/oeT33zvT_mid.png "{ZYDUS}:[{NOW COMES THE FALL OF 12.90%}]")
