#SUN/USDT#SUN
The price is moving in a descending channel on the 1-day frame and is holding it very well and is about to break out to the upside
We have a bounce from the lower limit of the channel at 0.01600
We have a bearish trend of the RSI that is about to break out which supports the upside
We have a trend to stabilize above the 100 moving average
Entry price 0.01750
First target 0.02680
Second target 0.03337
Third target 0.04370
Sunpharmashort
SUNPHARMA | Might continue downtrend.If you find this technical analysis useful, please like & share our ideas with the community.
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Disclaimer!
This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
Let me know, Where does it go?This is how a setup should look like, not saying it's perfect not saying I know it all, but that's what's it about you don't actually know know you always speculate and the thing is you will never know what's next in the market you just need to have view of both sides and make your setup for what looks better to you.
Time to stay cautious in SunPharma.NSE:SUNPHARMA
SunPharma on daily chart one could say it is given a breakout to Flag Pattern, but but should see bigger picture here befor going long from here or hoping for more (those who are already in from lower level)
If one could observe the daily and weakly chart find 529 as a strong resistance. And as far as flag breakout is concern, after breakout its seems to be stucked right below the 529 level.
My view now for SunPharma is that stock must have some sort of supply in a background and i will prefer to wait for 513 level. If i get any closing below 513 on 1H or best on 1D chart then i will be bearish in this counter.
This view will become invalid only above 540
SUNPHARMA - AT RESISTANCEStock showed a good rally with good volume, currently resisting at falling gap resistance + Fib .50 , and the resistance is backed by the RSI, hence seems like stock is in a make or break situation.
Current structure of the stock suggests it will go for a dip til 380 levels.
I am gonna use the lower time frame to time the trade.
Risk reward ratio also looks favorable.
Stop loss 510
Target 380
Don't follow blindly, do your research please.