TORNTPHARM for 2800?
TORNTPHARM CMP 3205
Observations: Price broke down from a 3 months consolidation and Retesting the breakdown levels at 3290-3320
Price is trading below the Cloud on Daily TF, Future Cloud is Negative
In shorter TF, it looks like a Rounding TOP formation and breakdown.. Suggesting 2800 levels (If you plot the chart on invert scale you will understand it better..
A retest of the breakdown level at 3300 level is due.. which is also the 50% retracement of this recent fall.. between 50 and 61%, it is a good risk reward set up for the short trade..
Note: I am not a SEBI Registered Analyst. Charts are for Educational purpose only.
Observations: Price broke down from a 3 months consolidation and Retesting the breakdown levels at 3290-3320
Price is trading below the Cloud on Daily TF, Future Cloud is Negative
In shorter TF, it looks like a Rounding TOP formation and breakdown.. Suggesting 2800 levels (If you plot the chart on invert scale you will understand it better..
A retest of the breakdown level at 3300 level is due.. which is also the 50% retracement of this recent fall.. between 50 and 61%, it is a good risk reward set up for the short trade..
Note: I am not a SEBI Registered Analyst. Charts are for Educational purpose only.
I am not a SEBI Registered Analyst. Views are personal and for Education purpose only. Please consult your Financial Analyst before making investment decision
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