NSE CIPLA: Price Action Analysis
Updated
Cipla has formed a downtrend channel for two months. Prices are moving below 200 EMA, which indicates a bearish atmosphere. We can see a downtrend channel on the 4-hour timeframe chart.
Currently, the price has taken support at the lower band of the parallel channel. It has made a range at 938. If the price sustains above 938, It can touch the upper band of the parallel channel.
Price will make a new low after the breakdown of the parallel channel with heavy supply pressure.
I will Update further information.
Currently, the price has taken support at the lower band of the parallel channel. It has made a range at 938. If the price sustains above 938, It can touch the upper band of the parallel channel.
Price will make a new low after the breakdown of the parallel channel with heavy supply pressure.
I will Update further information.
Note
Price touched the upper band of the parallel channel .Trade closed: target reached
Note
What about this breakout?
Related publications
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.