praveen.bhatiya
Short

Biocon Potential short Action/Reaction

NSE:BIOCON   BIOCON
Andrews Action/Reaction method has suggested a short and it made Big Red candle showing the selling pressure at that level. It has also broken the short term trend line telling the weakness at least in short term. Prices are retesting the Supply Zone and trend line from below, so one can put the stock into their radar and short the stock on seeing the weakness.
Order cancelled: So far no significant weakness so cancelled the Trade idea and am not watching it now.

Comments

my submission is that delivery volumes is increasing w.r.t traded volume with increase in price..the stock is still in the accumulation phase the breakdown can only happen if there is any observations from the forthcoming audit else a blow out is on cards whose targets be around 1250..so trade with caution is adivsed with strict stoploss...I'm Long in this counter & would hold it for long term & accumulate on falls
Reply
@RakeshShah, Thanks for your contribution & adding different perspective of delivery volume, I sincerely appreciate it. I've not shorted yet just put it into my watch list as it is coming to the area where it made Wide range bar last time and would short only after seeing the weakness.
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