Many think that market moves in random fashion and there is no way to trade or invest it with objective tools. However we differ from it and suggest that objective technical tools can provide fruitful results from short, medium to long term perspective. We are not just saying but proof of the same is shown below on Sun Pharma chart with applied basic technical analysis like Channels, Moving averages and Fibonacci. Here we can see that how prices have reacted post touching channel as well as 61.8% Fibonacci retracement level.
Sun Pharma 60 mins chart: (Anticipated in the morning of 27th January 2016)
Sun Pharma 60 mins chart: (Happened on 29th January 2016)
(part of research taken from The Financial Waves Short Term Update)
CNX Pharma index has been moving in sideways to negative action from the start of 2015. Recently this index tested the support of important channel and has formed Hammer candlestick in last week. This indicates that buying attempt was witnessed in last week from lower levels. Prices have taken out the high of last week which suggests positivity over short term. In this case Sun pharma can be one of the stocks which can show upside trend in coming days.
As shown in 60 mins chart, prices have taken out the last leg of down move with strong momentum which indicates that consolidation is over and trending move on upside can continue. On downside 775 is the important support where channel is placed.
In short, Sun pharma near term trend is positive with the support of 775 for a move towards 840 levels.
Happened: As expected Sun pharma continued the positive trend and achieved our mentioned level of 840 on 29th January 2016. Post that once again prices have reached toward crucial juncture, so what should be the trading strategy now?
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