Blue Chip Pharma: Fibo, Bullish Pattern and a good story...
Pharma sector is one of the resilient sector in current market condition.
1. After fall for almost couple of months, its showing reversal signs. Made a double bottom at 38% of fib level.
2. After double bottom formation, consolidating sideways, even when Nifty was falling. This shows interest of big players and there accumulation.
3. Today, it has broken out of this sideways zone with higher volume and has confirmed the breakout.
4. Entry: 1841; SL: 1782 (3%); Target:1960 and then trailing profit with 9 EMA on day TF.
Disclaimer: I have open cash position at this counter.
1. After fall for almost couple of months, its showing reversal signs. Made a double bottom at 38% of fib level.
2. After double bottom formation, consolidating sideways, even when Nifty was falling. This shows interest of big players and there accumulation.
3. Today, it has broken out of this sideways zone with higher volume and has confirmed the breakout.
4. Entry: 1841; SL: 1782 (3%); Target:1960 and then trailing profit with 9 EMA on day TF.
Disclaimer: I have open cash position at this counter.
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