RANGE BREAKOUT DONE, READY TO MOVE ?

This is daily timeframe.
Cipla was in consolidation in long range for 8+ months.
Finally it gave range breakout and retested its resistance zone,
which is acting as a strong support now.
Selling volume decreased in last three days of last week's.
Today it gave rejection to downtrend and had formed bullish engulfing.
May be now it will give a good upmove.
Let's keep close watch.

This post is for information purpose only.

تعليق:

On 7th April, it did tried to break the small short term trendline, but bears dominated and it formed a gravestone doji giving a strong rejection to upper levels.
Then it consolidated for few days and gave breakdown from the support zone.