STOCK : AUROBINDO PHARMA LTD.
CMP : 699.15 (24/06/2023)
ABOUT : Aurobindo Pharma Limited is an Indian multinational pharmaceutical company headquartered in Hyderabad, Telangana, India. The company manufactures generic pharmaceuticals and active pharmaceutical ingredients (APIs). Aurobindo Pharma has a presence in more than 150 countries and is one of the largest generic pharmaceutical companies in India.
TECHNICAL ANALYSIS CANDLE STICK CHART VIEW (WEEKLY TIME FRAME)
(CLICK ON IMAGE FOR CANDLESTICK CHART VIEW)
OBSERVATION :
The stock shows the clear ROUNDING BOTTOM pattern on a weekly time frame. once the stock breaks out the such pattern, the stock travels a distance equal to the neckline and bottom of the rounding bottom pattern. since its a weekly pattern , it is usually perceived that these positions can take many weeks or months of time to move .
weekly candle closing above (720) expecting the stock to show (30-40%) coming weeks/months.
HOW DOES ROUNDING BOTTOM PATTERN WORKS? (CLICK HERE)
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Note : It's important to note that the is just one of many chart patterns used in technical analysis, and traders should always use multiple indicators and techniques to confirm their analysis before making trading decisions
Disclaimer: This analysis is purely for educational purpose and does not contain any recommendation to buy or sell. Please consult your financial advisor before taking any financial decision.
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