Get started
peace_lover

Sun Pharma has broken out of a Descending Rectangle pattern

Long
SUN PHARMACEUTICAL (NSE:SUNPHARMA)  
peace_lover Updated   
NSE:SUNPHARMA   SUN PHARMACEUTICAL
Rectangle Volume Moving Averages breakouts trading test Trend Line Break chartpatterntrading
6
0
rectangle volumestudies movingaverage breakouts trading test trendlinebreak chartpatterntrading

  1. RECTANGLE PATTERN -
    Sun Pharma has just broken out a descending rectangle pattern on the daily chart which had been forming since the beginning of the year

  2. SUPPORT-RESISTANCE LINE -
    After breaking out it has also tested the previous strong resistance trend line twice making it a strong support line now

  3. SIMPLE MOVING AVERAGE -
    It has also shown reversal confirmation from 50D, 100D & 200D SMA on daily chart which further strengthens the conviction of upside move

  4. VOLUME -
    It has also shown higher than average volume surge on the previous day

  5. EXIT LEVELS -
    TP - 1095.15
    SL - 964.85

    ALL THESE ABOVE POINTS INDICATE THAT SUN PHARMA IS POISED FOR NICE UPWARD MOVE

Trade active:
Sun pharma is now very close to reaching its TP by going almost 100 points upwards. Putting a close tab on it...
Trade closed: target reached:
It has reached the target, kindly close all your positions if you have taken trade based on this analysis
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.