Torrent Pharma is forming AB=CD Extension pattern with 2.618 FIB Reversal and XABCD Pattern 1.618 FIB Reversal Zone.
The Possible set up would be to go log above 2350 with 2325 as SL. The beauty of the harmonic patterns are if allows you to catch the reversal from bottom or top with very little SL So we have nice R:R in swing setup.
We are targeting 2400 and 2425ish.
Last few sessions you can see the Higher High and Higher Low pattern, which is quite intact and might see levels of 2600 and beyond till the pattern is intact.
Torrent Pharma
RSi is above 50 and closed above its 10 days high
Buy Above 2377.95 (2385.78 to 2387.25 is strong resistance zone and if broke with volume can go high)
First Target 2397.26
Second Target 2414.56
Sell Below 2375.2 (This is CPR level if stock open up but no strength then can go for sell)
First Target 2365.49
Second...
Once bounce back From 2250 Major Resistance.
Long Entry -2283 Target 2300 ,2320,2362(Last).
Volumes are good
Don't lose your Hard Earned Money so easily !!
01) Wolfe Wave ( Bearish )
02) Price near Horizontal channel top
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Note : 1) Wait for complete Wolfe wave and then find reversal point for entry.
Note : 2) This study for educational purpose only.
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