dev_trader
Short

BIOCON - Weekly Breakout - Whats Next?

NSE:BIOCON   BIOCON
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BIOCON shown strength on 09 Jan by surging 45 points. It broke the weekly channel top line. However, interestingly, rally halted exactly on previous weekly resistance @ 1020. It will be interesting to watch here. It would be sell candidate for me if any daily candle closes below 1000 with SL of 1025 for target of 950.

Wait and watch time !
Jan 10
Trade active: Trade active at sell side @ 999.
Jan 12
Trade active: Today closing is very important for Biocon. If close above 1025 we will be out.
Jan 12
Trade active: 12 Jan - Great ! Today closed below morning open price. And well below over SL 1025. We are active with trade
Jan 13
Trade active: So far so good. Next week it will show the direction.
Jan 18
Trade active: 17/01: Trade active
Jan 20
Trade active: 20/01: Trade active
Feb 23
Trade closed: stop reached
Does open interest built up give any indication
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dev_trader xclusiv_abhi
@xclusiv_abhi, Yes seems long positions are build up. Since its a strong surge, selling is not suggested at CMP. In my observation i mentioned that any move down to 1000 will be looked as sell entry.
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