Cipla has formed hammer near longtime monthly support
It can bounce back till 979 and 1057
sl can be 850 weekly close
risk reward 1:1
risk 6% target 7%
weekly rsi has turned from low
keep position in check
wealth generation means longterm
keep doing sip in niftybees
As base on demand Zone Cipla have very good demand 👍 MCB 834 848
We should go long from here to see Upside 5/10/20% as Pharma index also moving up from support 11500.
It's pure demand Zone view- structure Valid till demand Zone safe on monthly closings basis.
CIPLA at monthly resistance zone...
A break is observed from this zone in daily time frame...
failed to close above the resistance...may lead to fall again...
on bottom side observed a bullish gap left...
After filling the bearish gap...price moved drastically to upside.....
keep watch this stock...if any rejections from resistance will go for short.
Observations::
After a strong fall from the area @1040 level,
price is coming back to the same zone with a strong consolidation @960-980 range.
we have a bearish gap left @1020 range.. will see if price fills the gap and again falls or not.
keep track this gap and levels.
First time using different technical approach for this trade.
Weekly and monthly is on bull trajectory. Daily is inside the rising channel and rejecting at upper channel
Expectation is that it will come down to test the bottom channel. But Hourly is also making bullish price action. so successful test of any hourly zone will trigger an entry.
On daily Timeframe analysis CIPLA Chart is making cup and handle pattern at major levels If it breaks down side good fall expected but in bullish major resistance levels are there.
Observations::
------>> the stock is Trading in the channel, wait for channel to be broken, Upside or downside.
we have a strong supply zone @960 level,
where previously strong sell of is observed, and slowly moving to upside.
if it it breaks upside we have gap left @1020 level that will acts as Resistance.
if it breaks down we have strong demand @800 level,...
The price is trading at strong demand zone 850-- 875, Which is multiple time tasted by the price. Price taken support multiple times and bounce back towards the upside level. As we can see that price is trading at lower level and we seen a heavy correction in price from the all time high level of 1185 and now price is trading at 877.
850 --- 875 is strong...
