RANBAXY
STRUGGLING TO CROSS 200DMA
MAKING OF POSSIBLE HEAD & SHOULDERS...
DOUBLE BOTTOM AT 394
This stock is resisting its 200dma which is at 412. And at the same time its now making the Right Shoulder, a possible Head & Shoulders pattern on Daily Chart. And now this stock made Double Bottom at 394. 394 will be the key support for this stock. One can buy this stock above its 200dma with the stop loss of 394 for the target of 441. 441 is the Top of Right shoulder. a crack of 441 will fail the HNS formation. And crack below the 394 level will lead to continue the HNS formation. Below 394 the next strong support comes at 380 then it'll re-test the level of 334. The key resistence for this stock is at 412 and 441.
STRUGGLING TO CROSS 200DMA
MAKING OF POSSIBLE HEAD & SHOULDERS...
DOUBLE BOTTOM AT 394
This stock is resisting its 200dma which is at 412. And at the same time its now making the Right Shoulder, a possible Head & Shoulders pattern on Daily Chart. And now this stock made Double Bottom at 394. 394 will be the key support for this stock. One can buy this stock above its 200dma with the stop loss of 394 for the target of 441. 441 is the Top of Right shoulder. a crack of 441 will fail the HNS formation. And crack below the 394 level will lead to continue the HNS formation. Below 394 the next strong support comes at 380 then it'll re-test the level of 334. The key resistence for this stock is at 412 and 441.
posted by Naveen Pantera at 10:10 PM
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