Topic Statement:
Cipla is currently stuck in a sideways zone, consolidating between key retracement levels while setting up for a potential move higher.
Key Points:
* The price is moving between 1502 (23.6% retracement) and 1380 (38.2% retracement), forming a clear horizontal range
* It remains fairly above the 200-day EMA, indicating underlying strength despite consolidation
* The stock may move up toward 1700 to form a double top, where it is likely to face strong resistance
Cipla is currently stuck in a sideways zone, consolidating between key retracement levels while setting up for a potential move higher.
Key Points:
* The price is moving between 1502 (23.6% retracement) and 1380 (38.2% retracement), forming a clear horizontal range
* It remains fairly above the 200-day EMA, indicating underlying strength despite consolidation
* The stock may move up toward 1700 to form a double top, where it is likely to face strong resistance
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.