2 interesting pharma charts…
1.dr.reddy
2.alembic pharma
was almost ready to enter into this stock, seeing the constant positive response from the bollinger bands[although i believe pharma as a sector is due a correction, based on impending elliot wave 4, maybe triggered by softening dollar, this stock might go against the cnx nifty pharma]
but as i scrolled across the time frame, this picture in the monthly caught my eye and i backed off. thinking it is possible to time the market better later on …
this is a good base formation , but, the decrease in spread of the bars, with declining volume is an evidence of demand weaning off, i want to see if there is any supply that comes in at this juncture and what is the quantum of it, relative to the other downswings prior in this base formation
disclaimer… tracking