Ranbaxy Daily chart:
RAnbaxy Hourly chart:
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
- 38.2% fibo retracement of entire C wave is at 443
- Trend line resistance stands at 445
- 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.
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