Wolf-AD7

BIOCON - Bottoming out into Inverted H&S

Long
NSE:BIOCON   BIOCON LTD
Biocon has been in a strong downtrend since the start of 2021, moving downwards in a distinct falling wedge pattern.

The falling wedge has now formed Left and Right shoulders on the 0.5 Fib with a Head further down off the 0.618 Fib.

While Biocon strongly broke out of the falling wedge , it has now re-tested the breakout and remains within the forming Inverted H&S pattern.

A risky bet would be to go Long now, and a safer bet would be to go Long after breakout of the neckline (above 380).

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.