Cipla Chart:
As discussed yesterday on Facebook page, counter has given breakdown to rising wedge a highly bearish pattern today. Cipla has closed below all the important closing averages in daily and hourly time frame. Today share closed exactly at 5 week close ema , most important number to watch out for tomorrow.
On the down side Support not exist at
- Trendline support at 395
- 5 week low ema at 394
- 50 days EMA at 396
396-394 is the next area where share can take support. Based on EMA study 402-404 will act as resistance. Close below 394 will intensify selling in the counter till 380 odd level. Going long in this counter is not suggested till EOD close above 405.
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