BIOCON LTD - POSSIBLE BREAKOUT FROM C&H PATTERN
Biocon counter seem to have registered a reversal from long term down trend and given a close above the resistance line over C&H pattern. The Break out is significant with very high volumes
I think,
a.) we should wait for few days for the Breakout to sustain for confirmation
b.) Wait for possible retesting of the Resistance line.
The Biocon look good for the following reasons:
- The Biocon has been in the down trend since 30 months (Dec-20) and is down from 480->250.During which time company has given better earnings making it more valuable (PE from 88->52, EPS 5.37->5.11)
Looks like potential long term opportunity
Enter around: 250-255
Stop Loss : Closing below 238
Initial Target : Around 290
NOTE: I am not a professional Trader/ Investment Expert/ Advisor. please exercise your judgement after independent analysis
I think,
a.) we should wait for few days for the Breakout to sustain for confirmation
b.) Wait for possible retesting of the Resistance line.
The Biocon look good for the following reasons:
- The Biocon has been in the down trend since 30 months (Dec-20) and is down from 480->250.During which time company has given better earnings making it more valuable (PE from 88->52, EPS 5.37->5.11)
Looks like potential long term opportunity
Enter around: 250-255
Stop Loss : Closing below 238
Initial Target : Around 290
NOTE: I am not a professional Trader/ Investment Expert/ Advisor. please exercise your judgement after independent analysis
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.