NSE:CIPLA is at an important support tracing back to 2014. It's currently trying to overcome it and has a positive market structure with good trend strength.
As you can see it is having 2 rising wedges forming, a smaller one inside the bigger one . Indicating a very good sign of bullishness.
One should expect upside and look for long trade opportunities.
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Breakout from wedge and good bounce from support. Can be expected to rise further.
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Today, good follow through after breakout from wedge. But couldn't sustain. That's why triangles and wedges are least liked by me, personally.
@AMBRISH, I wouldn't like to trade anything in this at the moment. 570 is quite aggresive, SL would depend on your risk appetitite.
AMBRISH
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Any Update, as Cipla has taken support on upper boundary of rising wedge.
dravya
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@AMBRISH, as I said i don't like the wedge and traingle pattern, and that's what happened. you can''t make money in the long run with such weak-held trends. thanks.
dravya
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@AMBRISH, instead lookout for the green line and trade.