AUROBINDO PHARMA - AUROPHARMA(NSE) | RISING WEDGE

Aurobindo Pharma - AUROPHARMA(NSE) has been forming a Rising Wedge pattern since the mid of November. A long red candle breaking the wedge support line(red line) could be a good shorting selling opportunity, keeping the target as 675. The dashed green line, 714 had acted as a strong resistance, and the price had fallen till a support range of 675(dashed red line), twice in the past, as indicated by the curved, yellow, downward arrows. In addition to that, the dashed blue line denoting a price range of 706 had acted as a good support, thrice in the past. Hence, a bounce back from there can be considered as a good buying opportunity too. In this case, the price can swing till the upper boundary(green line) of the Rising Wedge.