Chart Update : Cipla

Cipla Chart:

As discussed yesterday on Facebook page, counter has given breakdown to rising wedge a highly bearish pattern today. Cipla has closed below all the important closing averages in daily and hourly time frame. Today share closed exactly at 5 week close ema , most important number to watch out for tomorrow. 

On the down side Support not exist at 

• Trendline support at 395
• 5 week low ema at 394
• 50 days EMA at 396

396-394 is the next area where share can take support. Based on EMA study 402-404 will act as resistance. Close below 394  will intensify selling in the counter till 380 odd level.  Going long in this counter is not suggested till EOD close above 405.

So plan your trade accordingly.

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All the views and contents mentioned in this blog are merely for educational purposes and are not recommendations or tips offered to any person(s) with respect to the purchase or sale of the stocks / futures. I do not accept any liability/loss accruing from the use of any content from this blog. All readers of this blog must rely on their own discretion and neither any analyst nor any publisher shall be responsible for the outcome.