SUN Pharma
Published: Mon, 11/07/16
13 - OCTOBER - 2016
Dear Members,
Sun Pharma has been in the News for a while, but it has also been in decline for quite some time. I have been writing about its long term reversal ever since it broke the blue line and things became clearer when the pattern discussed below showed up, a triangle, that we have now broken below. The setup could see this long in advance though it took a long time to play out. This year the market has been a slow grind of rising small stocks while everything else undergoes a distribution.
STAY AHEAD of the market turns.
SUN PHARMA
Sun Pharma - broke a long term trendline in 2015. Since then it is forming a triangle. Recently it touched the upper end and fell in 5 waves down. So wave C down has started and we are bouncing in wave 2 of C, which should peak near 815, with the upper line at 860 as the major resistance, and wave C=A pointing down to 570 once we break the lower line of the running triangle at 710.
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Rohit Srivastava
www.indiacharts.com
For accurate market forecasting. Market forecasting is a study of past data to assess future probable outcomes. It is our endeavor to discuss high probability outcomes for traders and investors. However this is not a solicitation to buy or sell stocks futures or options or any security. Trading in any financial market should be done with sound knowledge and the help of a qualified investment adviser. Stocks based on the Elliott wave model are based on the Fibonacci fractal of the market and momentum indicators, Levels are based on Fibonacci maths and are only indicative of what the mathematical model throws up. This is not a research report. We are not investment advisors This is not a recommendation to buy/sell.
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Value Wave Stocks discusses the short term trading set ups that we use while taking our trading decisions. Value wave Investments. discusses the long term set ups that we use while taking our investment decisions. We hold investments in these stocks and are interested in these opinions. This is not the only reason considered while taking our actions. Kindly take the help of a qualified investment advisor before trading. Rohit Srivastava is a Fund Manager of a trading PMS fund at Sharekhan Ltd.
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