2nd attempt by Aurobindo Pharma to breakout
The stock is in downtrend from long time, now it has formed an inverted flag with downtrend channel on daily and weekly charts. It looks like in today's close it has attempted the breakout above the channel for the second time.
Last time it tried to break the channel but, was fake breakout. But, today's breakout is convicted as the volume is enormous compared to last 30-50 volume candles. If this break out sustains, one can see 800-850 in short term.
Moreover the stock on 1 hour charts has an inverted head and shoulders with shoulder depth at 675and neckline at 700, the target is 750. Though previous high was around 738 which will act as hurdle.
Happy Trading and Investing
Last time it tried to break the channel but, was fake breakout. But, today's breakout is convicted as the volume is enormous compared to last 30-50 volume candles. If this break out sustains, one can see 800-850 in short term.
Moreover the stock on 1 hour charts has an inverted head and shoulders with shoulder depth at 675and neckline at 700, the target is 750. Though previous high was around 738 which will act as hurdle.
Happy Trading and Investing
Feragatname
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