indiamarketoutlook
Short

Biocon: Jumps to 1.618% Fibonacci levels

NSE:BIOCON   BIOCON
Biocon            
CMP 518

The stock is up big time on news of USFDA approval for Herceptin biosimilar, but charts had already indicated to expect some positive reaction.

Notice how the stock had closed (Friday's closing at 447) well above the previous high of 438.85 indicating strong buying by strong buyers expecting positive outcome...

You don't need any rocket science to figure that out, just have to listen to what charts are telling us...

Buying now could be a difficult proposition...as the stock has already done 1.618% Fibonacci extension (comes at 514.3) rally...


Instead if we see price getting rejected here in the zone of 514-520 levels that would indicate price action respecting Fibonacci levels and then one may look to sell for target of 496 / 478 / 466

Take care & safe trading...!!!
Comment: Biocon
CMP 307.5

the stock has made a low of 505 so far...

One may look to Book partial profits & revise SL to cost for balance

Take care & safe trading...!!!
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