Novartis Wave Analysis – 03 April, 2020

• Novartis reversed from key support area
• Likely to rise to 86.00

Novartis has been rising in the last few trading session after the earlier sharp upward reversal from the key support area lying between the long-term support levels 70.00 (former multi-month low fro 2016) and 72.00 (monthly low from 2018).

The upward reversal from this support area created the weekly reversal pattern Bullish Engulfing.

Novartis is likely to rise further toward the next resistance level 86.00 (former strong support from the middle of 2019).