Biocon Reverts from the Upper Trendline of the Rectangle Pattern

Biocon Ltd had been trading in the rectangle pattern in a one-hour time frame. The share faced tough resistance near 406.75 level and is on its way towards its support near 386.90 level. TIthe pair recently reverted from the upper trendline and is now extending its journey southwards. In addition to this, the Parabolic SAR indicator is trading above the hourly closing prices, which further indicates the bearishness in the pair. Hence , traders can keep their target profit at 406.75 level, which is kept on the lower trendline of the pattern. Simultaneously, the stop loss for the trade can be kept at 386.45 level, on the upper trendline of the pattern.
target profit 406.75
Stop Loss 386.45

Trade active

Comment:

Technical analysis