Wednesday, 13 March 2013

Chart Update: Sun TV & Sun Pharma


SunTv is trading very close to its 10 month old support trend line. There is small symmetric triangle formation going on marked in red. During triangle formation typically volume reduces which can be clearly seen in the chart. Break on either side will give 40 points move. 

 On upside 435-37 will act as stiff Resistance , above which we will give upward breakout while 419-415 is support range break of same script will give break down to pattern. This share is very volatile so if your risk appetite is low stay away or trade with strict stop loss. 

Sun Pharma:

Sun Pharma Weekly chart:

Sun Pharma Daily Chart:

Price channels will always give low risky trade. There are many examples of same on the blog , here is one more such trade setup.

Attached is weekly and daily chart of Sun Pharma. Inside weekly chart i have marked one more price channel in red color. Daily chart shows zoomed in version of the same. Prices are trading at upper end of the channel and room for up move is very limited as charts in all time frame are highly overbought. There is divergence in RSI on daily chart. There are no sign of exhaustion as of now, but below 825 profit booking will start and weakness will start to creep in  below 815

 I will keep this two counters on my radar and will act as soon i see levels mentioned. 

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