Clear BEARISH Setup - Breakdown from a 3-month long trading channel supported with decent bearish volumes
Stock has been in a good upmove with the great uptrend in the pharma sector, thus a short correction is still pending in the stock on account oif profit booking.
Also the lower trendline has been tested multiple times hence became weak which leaves a high probability of a good bearish/downside momentum in next few trading sessions. RSI around 40 levels confirms the momentum towards downside, let it cross below 40 levels.
My view: Short (for short term view)
PS: Trade with caution (could result into a failed breakout, buyers may barge in and reverse the move),wait for some more price action.
Disclaimer: Take this view only for educational purpose. Trade on your own risk.
Happy trading!
Stock has been in a good upmove with the great uptrend in the pharma sector, thus a short correction is still pending in the stock on account oif profit booking.
Also the lower trendline has been tested multiple times hence became weak which leaves a high probability of a good bearish/downside momentum in next few trading sessions. RSI around 40 levels confirms the momentum towards downside, let it cross below 40 levels.
My view: Short (for short term view)
PS: Trade with caution (could result into a failed breakout, buyers may barge in and reverse the move),wait for some more price action.
Disclaimer: Take this view only for educational purpose. Trade on your own risk.
Happy trading!