Did we know Cipla results would be poor ? Or the stock would tank from 620 to 530 ?
To the 1st question – of course not !
To the 2nd question – yes absolutely !
See our previous posts on Cipla.
- From our Post on 30 Aug 2018 when price was 644 : The rally from wave A low at 458 to 677 is choppy and overlapping. It appears that wave B is complete or close to completion. Next sizeable move should be lower in wave C to below 550.
- From our post on 21 Sept when price was 668. : No change from our previous post. Cipla appears to be in a long term triangle, and its next significant move could be lower. A move below 550 may get us interested in a longer term buy. (chart below).
From our post of 15 Oct 2018, when price was 622 : Cipla appears to be in a long term triangle, and its next significant move could be lower. Since this is a 2 week chart (each candle is 2 weeks), this triangle could morph into something else over time – which possibly could be more bearish. The medium term outlook for Cipla is lower, tho’ short rallies are possible as long as 678 is not exceeded to the upside.