Akshay15
Short

Is Biocon Ready For Downside?

NSE:BIOCON   BIOCON
89 5 1
This is follow up article to my previous 2 articles on biocon             .
1)Today it has broken it's trend line support.
2)On weekly chart there is Bearish Engulfing pattern.
3)The stock is already up 100% in 8 months on weekly chart it looks like parabolic move.
4)I have been reading on moneycontrol most analyst are recommending Buy on Biocon             .
Let me know your thoughts if any,
Comment: One more thing in addition Kiran Muzumdar shaw recently featured on Forbes India Magazine on how she made a biocon a major global force. Most of the time such articles mark Top for the stock. As Paul Krugman has joked, "Whom the Gods would destroy, they first put on the cover of Business Week". Read about it here :
https://en.wikipedia.org/wiki/Magazine_cover_indicator
Hello Akshay ,
Boss I was not tracking it ,But your elaborate details with simple trend lines made me interested.

First of all its a buy

On Monday if it starts going toward 918-920 zone Buy it with End Of Day closing stop loss of 914.
First target is the horizontal line you have drawn around 984 and second target is 1020 where double top can get formed.



P.S : You have kept your chart clean with minimal indicator , Very very Good stuff .
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Akshay15 neneram
@neneram, What is special about 918 & 920 zone I am short since 964 levels & I have hedged my position.
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neneram Akshay15
@Akshay15,
Thats the zone where previous up leg started . Expecting a hammer like candlestick in this zone . so looking at very low risk entry
Reply
Akshay15 neneram
@neneram, I hope you didn't buy near 920 zone
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neneram Akshay15
@Akshay15,
Busted :-((
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