Abhijit_Paul
Long

BIOCON: Powerful Breakout

NSE:BIOCON   BIOCON
BIOCON breakouts of yet another Ascending Triangle formation with support from rising volumes. The stock has been an out-performer and has been steadily holding unto an UP trend for sometime. A fine PINCH with the Bollinger Bands suggest a volatility contraction, and add to this fact that we did have an Inside Day formation couple of sessions back. The stock seems to be all set for a retest of its previous highs of 427 and then the 261.8% Fibonacci Extension at 460.

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