Sun Pharma's Inverse Head and Shoulders: Bullish Setup Ahead!

2 apr

Hello Traders! Today, we’re taking a look at Sun Pharmaceutical and a potential Inverse Head and Shoulders pattern that's setting up on the chart. This pattern is a classic bullish reversal setup that indicates the stock could be gearing up for an upward move, especially if the neckline breakout gets confirmed. The price has already formed the left shoulder, the head, and now we’re watching the right shoulder develop.

Once the neckline breakout happens, we’ll have a solid confirmation of the bullish move. This would give us an opportunity for fresh entries, while those already in the trade can hold their positions with a trailing stop loss. A piercing line candlestick pattern is also forming, showing increased buying interest at the right shoulder, adding more confidence to this setup.

For the entry, keep an eye on the range around 1730-1713, with a stop loss set at 1684 to protect from unexpected moves. The targets for this trade are 1748 for short-term gains, 1792 for medium-term moves, and the final long-term target of 1587. If this pattern confirms, we could see a nice rally in Sun Pharma. Let’s stay sharp and manage risk effectively as we watch this pattern unfold!

Disclaimer:-This analysis is for educational purposes only. Please trade responsibly and consult a financial advisor before making any decisions.

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4 apr

Trade chiuso: obiettivo raggiunto

Given all targests