FEW WEEKS BACK WE HAD POSTED SUN PHARMA CHART FOR LEARNING PURPOSE THAT IT WAS RESPECTING GAP FILLING THEORY AND AGAIN IT WAS TAKING REVERSAL FROM HIGHER LEVELS.
QUICK LINK TO THOSE POSTS ARE AS UNDER:-
NOW AS PER MOVES THEREAFTER WE HAVE MADE CERTAIN CHANGES IN DAILY CHART AND WE ARE REPOSTING AGAIN. BELOW IS SUN PHARMA DAILY CHART.
AFTER MEDIUM TERM TRENDLINE WAS BROKEN (MIDDLE TRENDLINE) (3rd LAST CANDLE) THEN SEE THE FALL...!!!
STOCK FELL MORE THAN 7% IN JUST 2 TRADING SESSIONS...!!!
NOW LETS TRY TO CHECK WEEKLY CHART FOR SUN PHARMA...!!!
NOW 38.2% HORIZONTAL LINE ONLY FEW SPIKE ABOVE THAT LEVEL BUT BULLS NEVER BEEN ABLE TO CROSS THAT ON CLOSING BASIS...!!!
IF WE SEE CLOSELY THEN ON LOWER SIDE SAME IS ALSO HAPPENING THAT BEARS DID NOT MANAGED TO CLOSE BELOW 61.8%...!!!
BOTH THESE RATIOS ARE NOTHING ELSE BUT FIBONACCI GOLDEN RATIO WHICH CAN ACT AS SUPPORT OR RESISTANCE AS THE CASE APPLICABLE.
READER IF NOT AWARE ABOVE FIBONACCI GOLDEN RATIO CAN SEARCH IT OVER INTERNET.
IN SHORT WE MEANT TO SAY ONLY ONE THING THAT CHARTS/PRICE MOVEMENTS DISCOUNTS EVERYTHING BUT IT IS ANALYST'S WORK TO FIND IT OUT.
PLEASE NOTE THIS POST IS FOR EDUCATION/LEARNING PURPOSE ONLY AND SHOULD NOT BE TREATED AS TRADING CALL/VIEW.
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