SO currently the lal path labs is on a short downward trend (minor trend )
further it can take support on the 3550 -3600 level as it is a level of value SUPPORT . Also a trendline coming from jan 1 it can support on this .
but according to my analyis it will break this current support there is some reasons for it -;
1. on a Monthly chart a good bearish engulfing with a great body is formed so i am considering further bearish trend.
2. vol of this current green candle formed on support is low so its not sustainable .
3. rsi should take supprt on 23.3.
4. so as according to history repeat itself concept in sept profit booking occurs. so i am bearish onto 3500 level
THESE ARE ALL MY ANALYIS AND I CAN BE WRONG
HAPPY TRADING
further it can take support on the 3550 -3600 level as it is a level of value SUPPORT . Also a trendline coming from jan 1 it can support on this .
but according to my analyis it will break this current support there is some reasons for it -;
1. on a Monthly chart a good bearish engulfing with a great body is formed so i am considering further bearish trend.
2. vol of this current green candle formed on support is low so its not sustainable .
3. rsi should take supprt on 23.3.
4. so as according to history repeat itself concept in sept profit booking occurs. so i am bearish onto 3500 level
THESE ARE ALL MY ANALYIS AND I CAN BE WRONG
HAPPY TRADING
Note
it can go upto 3300 levelNote
currently on a 1hr chart its creating a double bottom kind of pattern its not complete yet.it it gets complete and give breakdown with good volume it can continue upwardit generally creates double bottom on trend reversal
also the pharma sector has given breakout recently.
Note
breakout will only sustain if it break on 9;15 candle orafter 13:15 candle
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.