Cipla potential positional buying setup

22 nov 2016

Cipla after a steel fall and steep recovery & hovering at crucial retracement level (50% fibo level) has formed a bullish pennant. it is on the edge of breakout of pennant if breakout occurs there may be a positional buying opportunity with a target of around 650 in near term. traders may enter long at or after 570 level with a target of 650.