AUROBINDO PHARMA
- As per previous report published on AUROBINDO PHARMA, stock a strong bull rally after breaking its resistance of 746 and after that stock made a high of 778. (Click here to see previous report published on Aurobindo Pharma).
- Now daily chart indicates stock is trading above its golden ratio 61.8% fibonacci retracement resistance, as long as stock trades above it will be favored by bulls. And on upper side stock will find next strong resistance around 786.50 its previous top as shown in graph no1. Chart indicates once stock closes and stays above 786.50 then further strength is expecting for next 1-2 trading days.
- Intraday close watch once stock starts trading above 786.50, If holds above in day trading then intraday bulls action is expecting .
- Suggested Reading - BIOCON trading below golden ratio support zone, can see weakness.
- Daily chart also indicates that stock is moving up from strong trend line and 100 days moving average support, as long as stock trades above it will be favored by bulls. Even stock major trend indicator like MACD and Stochastic Oscillator is moving in positive zone, this indicates stock to favor bulls as long as they are in +ve zone.
- If stock closes and stays above its previous top of 786.50, then will find next strong resistance around 872 its 161.8% fibonacci retracement as shown in graph no 3. Close Watch.
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