Sun Pharmaceuticals Ltd has, looking at monthly chart, been witnessing sideways movement in its stock price. The share price has gone more than half making low of 571.90 from its all time high of 1200.80 on NSE.
The stock, however, has been moving in the range of 610-730 after making its low of 571.90, making higher lows and lower highs, one of the characteristics of ending diagonal pattern.
Besides, the stock looks to be taking its support @623.60. The MACD oscillator, on daily time scale, has given positive histogram with MACD line crossing above the signal line. Any price move below 623.60 may be deterrent for the long side position, as the stock might start heading towards making its new low below 571.90.
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Undertake proper research and advice of your investment consultant before taking any trade.
Trade at your own risk.
Follow Me on:
Beta Trade
Twitter: @beta_trade
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Nikkei was down 0.40 percent, while Kospi was up 0.20 percent, while the Wall Street closed mixed in the previous trading session weighed down by Amazon.com, Apple and other top-shelf technology stocks. capitalstars
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