Cipla - Long Position (Investment Idea)

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CIPLA

Investment Idea for patient Long Term investors with investment duration in years.

1. Long Term moving average on the weekly chart is trending up.
2. Current trading price is above the moving average.
3. Price crossed above the Fib ext. level
4. Price based Resistances(Red) and Support(Green) levels marked on chart.
5. Fib Ext levels to be used as price targets.
6. Weekly close above 625 levels (and absence of any reversal candle pattern) will act as a confirmation of upside potential and Long bias.
7. Price move (weekly close) below the Fib support / correction low near 450 levels will negate the Long position and uptrend.