NeeteshJain

BIOCON - Formation of Ascending Triangle

NSE:BIOCON   BIOCON
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9
It is been observed that the price action is consolidating and forming a Ascending Triangle pattern on hourly chart. It indicates a strong resistance level at 968 levels and prices action is retracing from this level.
Therefore, it will be interesting to see how the price action works out tomorrow and if it breaks above it then it shall provide a higher big move. In case it retraces back which I see might happen tomorrow then I shall further go down to 950 levels.

Short Side, I believe it can go down to 948 levels by tomorrow.
Trade active: Biocon breaks out to upside, now it shall move to 1010 levels.

Comments

Biocon has been forming steps & ladder formation on daily charts since April, so technically it has no. of supports on down side, also a trendline of recent daily highs gives a possible target of 1050.
+3 Reply
NeeteshJain RakeshShah
@RakeshShah Well said, I must say you have a good observations. Today, It breaks out from the previous resistance of 968 and now it has reached to 1000 levels. I believe it shall reach out to 1050 levels.
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Super one
+1 Reply
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