Cipla's stock price might get correct
Reasons:
1. Yesterday stock price was refused from 2.61 Fibonacci Level (calculated from last low 350)
2. Price is out of ellipse, wait for 630 level to get break down
3. Volume down
4. RSI High, Lose of strength
Trading Strategy
Probable short targets with Fibonacci retrenchment and support levels
562 (50%)
522 (20%)
482 (30%)
take out the position if you find 3,4 days consolidation at these levels
Entry : 620
Exit : 630
1. Yesterday stock price was refused from 2.61 Fibonacci Level (calculated from last low 350)
2. Price is out of ellipse, wait for 630 level to get break down
3. Volume down
4. RSI High, Lose of strength
Trading Strategy
Probable short targets with Fibonacci retrenchment and support levels
562 (50%)
522 (20%)
482 (30%)
take out the position if you find 3,4 days consolidation at these levels
Entry : 620
Exit : 630
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