CIPLA WEEKLY CHART
CIPLA MONTHLY CHART
Weekly chart of cipla has formed a head and shoulder pattern and we may see that it has breached the neckline (375) and has closed below the same.
This breakdown is support by a good volume and price may continue to fall further towards the target price of 295.
On montly chart price may find support near the ascending trendline (365) and break below the same will confirm the downtrend towards 295 which is also 38.2% of the whole uptrend from (45-450).
A daily close above 425 will negate my view.
Regards
Rinkesh Jain
good analysis Rinkesh ... it may not have a fall out for a while as the daily and weekly momentum indicators do not speak the same language. It may take up an entire week for them to become week. One they too get neutral or negative, it may trigger a fall. A keen eye is what shall be kept on its movement. I may wait for 385-390 levels to enter into the trade.
ReplyDeleteRegards
Nikhil Dhingra