ZYDUSLIFE
ZYDUSLIFE is nearing channel's supportNSE:ZYDUSLIFE midcap scrip is trading in a channel pattern for 5 months.
Now its trading near is support, confirm strong bounce with high delivery volume.
Key note : Always follow proper risk management to avoid losing capital from false breakouts as this is common.
Caution : This is a knowledge sharing analysis, not a call.
ZYDUS LIFESCIENCES Parallel Channel Pattern Breakout*ZYDUS LIFESCIENCES*
Time Frame : Daily
Observation:
* Parallel Channel Pattern Breakout on Daily time frame
* 380 Swing High Break
* Mean (EMA) Diversion on Hourly time frame.
Resistance/Target: 401 420 452 486
Support: 350 329; Dynamic Support for EMA 200 on Hourly Time Frame.
Zydus Lifescience testing Historic ResistanceZydus Life-science at important level of resistance,
the stock took support from historical support zone and has consolidated the down fall with a good stretch of time. It has gone through a good accumulation and has made a good support base.
now the stock has positioned itself to an up move after making series of higher lows from support zone.
the stock has tested historical resistance multiple times during this consolidation.
the stock has given an impressive quarter results beating the estimates. which is the catalyst for the movement.
targets mentioned on the chart is based on fib levels taken from previous high to low levels.
the volume popup is supporting the price action
the stock may retest the B/O and a successful B/O will give a handsome gains with 1:1.4 risk reward.
Tgt 2 is for a medium to long term view.
this is not a call / recommendation.
Please do your own research and drop your inputs in the comment section.