Symmetrical Triangle observed in biocon 1H TF. Stock is in an extended uptrend and will keep moving up for foreseeable future. Long Entry at 332.50 T1 440 T2 446 SL 424.50 Given that the Pharma is in uptrend and Biocon is leading the pack, Downside is very limited. Also Trend is a Friend.
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Typo: Entry at 432.5
Trade closed: target reached
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T1 reached. Closed trade @440 because of results round the corner.
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Results caused the stock to breach SL and trend line. And hence I closed the trade as soon as T1 was reached. Since Result Expectations with the stock was high and it was a probability that stock may miss the street estimates.
So now how do you foresee the stock in the next week?
shaleenbansal
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@pradeepk72, In near future, it looks like the stock will continue sideways till it finds support at 50 day EMA.
pradeepk72
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What is the time estimate to reach the 2 targets? How will it move further after touching T2?
shaleenbansal
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@pradeepk72, I am expecting the move to be complete in this week. either it will reach the target or the SL will get hit. Also once it breaches T1, T2 is highly probable. and if the T2 is sustained, further upside is possible.