SUNPHARMA - Patterns repeat itself to show repeatative (Study)
This is study of upward channel assisted with Fibonacci retracement & extension which show beautifully that patterns are repeatative in nature. In order to be successful analyst & trader, person should identify stock characteristics & patterns.
SUNPHARMA move in the upward channel is a 6 point move explained below. Exact same behaviour is exhibited by stock twice and now moving forward toward upward wall of the channel & 1.6 extension level.
1 - Start of move from bottom of channel
2 - Reach the peack of move.
3 - Consolidation before breakout
4. Reach fibo extension level of 1.27
5. Retracement from extension level
6. Solid move to 1.61 fibo extension level
Keep your charts simple & don't force pattersn but let the chart stand out highlighting the behaviour.
Happy learning.
Thanks
Piyush Gupta
Learn & Earn
SUNPHARMA move in the upward channel is a 6 point move explained below. Exact same behaviour is exhibited by stock twice and now moving forward toward upward wall of the channel & 1.6 extension level.
1 - Start of move from bottom of channel
2 - Reach the peack of move.
3 - Consolidation before breakout
4. Reach fibo extension level of 1.27
5. Retracement from extension level
6. Solid move to 1.61 fibo extension level
Keep your charts simple & don't force pattersn but let the chart stand out highlighting the behaviour.
Happy learning.
Thanks
Piyush Gupta
Learn & Earn
All studies for for learning purpose only.
These are not trade recommendations
Not responsible for any profit or loss
These are not trade recommendations
Not responsible for any profit or loss
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.
All studies for for learning purpose only.
These are not trade recommendations
Not responsible for any profit or loss
These are not trade recommendations
Not responsible for any profit or loss
Feragatname
Bilgiler ve yayınlar, TradingView tarafından sağlanan veya onaylanan finansal, yatırım, işlem veya diğer türden tavsiye veya tavsiyeler anlamına gelmez ve teşkil etmez. Kullanım Şartları'nda daha fazlasını okuyun.