Cipla-Reversing from channel Support. Look for Long Opportunitie

CIPLA.
Cipla - Daily Time Frame Analysis 📈

Technical Analysis:
1️⃣ Trendline Support

Cipla has been respecting a rising trendline support from the past several months, indicating a sustained bullish structure.
2️⃣ Breakout from Consolidation

The stock recently broke out of a descending triangle pattern with good volumes, signaling renewed buying interest.
The breakout level aligns with ₹1,534, and the price is trading above this level, suggesting the breakout is sustaining.

3️⃣ Resistance Levels:

Immediate resistance levels to watch:₹1,555.30 (Our Entry Point)
₹1,612.95
₹1,705.10 (target level 1)

4️⃣ Stop Loss (SL):

A key stop loss level on a closing basis is placed at ₹1,413.45, which aligns with a previous support zone and the lower trendline.

Trading Strategy:

Entry- 1556. Safe Traders wait for a close.
SL- 1413- Closing basis.
T1- 1705.
Higher targets can be considered as the bullish momentum continues.

Immediate resistance 1612. Watch the Price action near this level.

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