BIOCON has consolidated for over 3 years and has spent last 1 year in making a base. This base formation has resulted in Cup & Handle pattern. After breaking out from C&H pattern is has come back to test its breakout level. Recent volumes in BIOCON has also been commendable.
Wait for the stock to show rebound above the breakout level before entering into it.
CMP 280
Breakout level 278
Target 340
SL 264
Retesting of breakout makes the breakout stronger.
Note: It's weekly chart analysis. Don't think short term based on this analysis.
Remember: SLs are essentials.
Disclaimer: I'm not a registered analyst. I'm just sharing my opinion on the platform for others to benefit in learning from my market understanding. Please do your due diligence before making a trade.
Wait for the stock to show rebound above the breakout level before entering into it.
CMP 280
Breakout level 278
Target 340
SL 264
Retesting of breakout makes the breakout stronger.
Note: It's weekly chart analysis. Don't think short term based on this analysis.
Remember: SLs are essentials.
Disclaimer: I'm not a registered analyst. I'm just sharing my opinion on the platform for others to benefit in learning from my market understanding. Please do your due diligence before making a trade.
Trade closed: stop reached:
I still like the stock for long term holding but as for this trade SL has hit and the trade is closed. It couldn't keep up with the breakout.