Biocon CMP 382.2 - Biocon has reversed from 370 after a fall from high of 424 in last one month. 1
Observations
1) On six occasions in last one year whenever it touched the bottom of Bollinger band and made a BB inside green candle it has gone up to at least middle of BB in all occasions in 5 to 8 days. This time also it may repeat same feat. Middle of the BB as of today is 398. Expecting it to reach 396-400 area in 5 to 8 days.
2) Almost after results announcement of all last four quarters it fell and recovered. This time also after announcement of results it fell and hope it recovers this time also. Recovery already started by making an green BB inside candle.
3) It has multiple support at 367 range for last one year, this time also it reversed its fall from 370.
4) Buying can be done at CMP of 382 or dip up to 375 for a target of 396, 418 with a sl of 366 on closing basis.
This is for educational purpose only. Do not trade based on this idea without consulting your financial advisers.
Observations
1) On six occasions in last one year whenever it touched the bottom of Bollinger band and made a BB inside green candle it has gone up to at least middle of BB in all occasions in 5 to 8 days. This time also it may repeat same feat. Middle of the BB as of today is 398. Expecting it to reach 396-400 area in 5 to 8 days.
2) Almost after results announcement of all last four quarters it fell and recovered. This time also after announcement of results it fell and hope it recovers this time also. Recovery already started by making an green BB inside candle.
3) It has multiple support at 367 range for last one year, this time also it reversed its fall from 370.
4) Buying can be done at CMP of 382 or dip up to 375 for a target of 396, 418 with a sl of 366 on closing basis.
This is for educational purpose only. Do not trade based on this idea without consulting your financial advisers.