BIOCON LIMITED.Long
Swing Opportunity in Biocon
Updated
Go Long above 366.35 for Targets of 382.65, 398.95, 415.25, 431.55, 447.85 and 464.15 with SL 350.05
Reasons to go Long :
1. On a daily timeframe if we draw the Fibonacci retracement tool from recent swing low (point A) to recent swing high (point B) then we see stock took support from 0.618 Fibonacci level.
2. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.618 Fibonacci level.
3. Also there is a strong demand zone (marked with purple color), from which the stock initially faced resistance but now is taking support and moving up.
4. In addition to this there is a gap to be filled.
Reasons to go Long :
1. On a daily timeframe if we draw the Fibonacci retracement tool from recent swing low (point A) to recent swing high (point B) then we see stock took support from 0.618 Fibonacci level.
2. A bullish chart pattern, Double Bottom (W pattern) is formed around 0.618 Fibonacci level.
3. Also there is a strong demand zone (marked with purple color), from which the stock initially faced resistance but now is taking support and moving up.
4. In addition to this there is a gap to be filled.
Trade active
Entry triggered on 21 Sep 2021Trade closed: stop reached
SL hit on 14 Oct 2021
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