EquityPandit’s Outlook for CNX Pharma for the week (August 17, 2015 – August 21, 2015):
CNX PHARMA index closed the week on positive note gaining around 4%.
As we have mentioned last week that if the index move above the levels of 12800 the index can move to the levels of 13200 and the index hit a high of 13238 and retraced back to the levels of 13137.
The index has formed a Shooting star pattern on monthly charts in an uptrend. The index has to sustain above the levels of 13200 on closing basis on monthly charts to negate this pattern.
Support for the index lies in the zone of 12500 to 12800 from where the index broke out and short term moving averages are positioned.
Resistance for the index lies in the zone of 13600 where upward moving trend-line is positioned.
Broad range for the index is seen from 12500 to 12700 on downside to 13400 to 13600 on upside.