BIOCON LIMITED.Short
The downtrend is still intact
Fib - the Intermediate trend is down. We still do not have any reversal signals. The current rally has a strong resistance at 295. We have a Fib confluence at that zone.
Trendline- the zone also has a falling trendline acting as resistance.
RSI- The RSI is still travelling in the bear range confirming that the trend is still down.
Volume - a stock never bottoms on huge volume. Hence bottom is not in place
MA- The current zone also has longer MA as resistance.
Conclusion- the stock will come out with its results on the 8th Feb if the stock is still around this zone then expect the stock to again start the correction.
RSI-
Trendline- the zone also has a falling trendline acting as resistance.
RSI- The RSI is still travelling in the bear range confirming that the trend is still down.
Volume - a stock never bottoms on huge volume. Hence bottom is not in place
MA- The current zone also has longer MA as resistance.
Conclusion- the stock will come out with its results on the 8th Feb if the stock is still around this zone then expect the stock to again start the correction.
RSI-
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