The stock has taken support on its Long term trendline, and Now 2 things can happen:
1) The Pharma Sector is strong and there is lot of positivity around this stock so there is a very good chance that it will respect this support and will show good bullish movement from the coming sessions.
2) The stock is over priced because of recent Heavy upside movement, moreover there is a double top formation which shows bearishness and if it breaks the double bottom support the it might go for the correction as shown.
So, all we need is to wait that at which side it stays, its a good entry side for both long and short!
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Note: These are my own independent views, take trade as per your own analysis.
1) The Pharma Sector is strong and there is lot of positivity around this stock so there is a very good chance that it will respect this support and will show good bullish movement from the coming sessions.
2) The stock is over priced because of recent Heavy upside movement, moreover there is a double top formation which shows bearishness and if it breaks the double bottom support the it might go for the correction as shown.
So, all we need is to wait that at which side it stays, its a good entry side for both long and short!
Follow me for more.
Note: These are my own independent views, take trade as per your own analysis.
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