Cipla may break a support at 621 and fall towards the next support at 597, as it failed twice to break a resistance at 636. The resistance is identified as the 61.8% retracement on the downtrend from 649.25 to 610.15.
A small double-top formed around 636. This pattern indicates a completion of the bounce from 610.15. A former target at 650 appears to be very doubtful, which is suggested by a double-bottom developing around 636. Even wave 2 – 3, is an identical retracement of wave 1 – 2. Wave 2 – 3 exactly end near 5th July’s top. And a new wave begins from there.
A break above 636 could signal the extension of the bounce towards 650 and above. This may possibly because in the last hour we show some buyer came again to make some new position. But if this new wave continues, then we can see Cipla at 597 in near days.
Below 621, we can test 597. 627 Mark act as a stop loss if Cipla comes below 621.
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Disclaimer: No information in this analysis should be considered as being business, financial or legal advice. Each reader should consult his or her own professional or other advisers for business, financial or legal advice regarding the products mentioned in the analyses.