Technicals and Patterns with Ranbaxy Charts

Ranbaxy Daily chart:

 

Ranbaxy

RAnbaxy Hourly chart: 

Ranbaxy Laboratories(Hourly)20130316150058

From the daily chart it is clear that Ranbaxy has finished ABC correction from recent high of 578 and made double bottom at 370.  From lows of 380 price are moving in well-formed price channel as seen in 15 min chart. Daily and weekly trend is firm UP.

Now going forward up move has to face resistance at

  1. 38.2% fibo retracement of entire C wave is at 443 
  2. Trend line resistance stands at 445
  3. 50 days moving average is at 441

Combing all this study it can be concluded that 441-445 is an area of  stiff resistance. Above which stock can target 465.  Shorts are not advisable till the blue channel formed in daily chart is not broken.

DISCLAIMER:

All the views and contents mentioned in this blog are merely for educational purposes and are not recommendations or tips offered to any person(s) with respect to the purchase or sale of the stocks / futures. I do not accept any liability/loss accruing from the use of any content from this blog. All readers of this blog must rely on their own discretion and neither any analyst nor any publisher shall be responsible for the outcome.

Related Readings and Observations

  • Bank Of India – Flag Pole Pattern An interesting pattern has developed in Bank Of India daily chart. This is one of my most dependable pattern. As we can see the pole from 172 to 241 which approx 70 points. Breakout has […]
  • 20 Rules To Stop Losing Money……………. MAYUR GALA......   1. Don't trust others opinions - It's your money at stake, not theirs. Do your own analysis, regardless of the information source. 2. Don't believe in […]
  • Idea Guppy Countback Trailing Stop loss Charts Here the Buy call is to hold the stock until the Guppy Countback trailing stop loss holds. Trailing Stop loss will be actively monitored here. If possible charts will be posted here in […]
  • Hang Seng Gets Bearish in P&F charts Hang Seng had yesterday made a bearish Decending Triple Bottom breakdown on 16 Dec 2009 as shown in the P&F charts with a bearish objective of 19250. One of the Asia pack gets weaker   […]

Leave a Reply

Your email address will not be published. Required fields are marked *