Pattern within a pattern - yes it is ! So Biocon will be very good trade opportunity on Monday for both intraday and positional traders. Probably, positional traders have to wait for sometime as there is bit of distance between trendline and current price of Biocon. Its breakout patterns everywhere around the market, so choose and trade wisely.Lets expect next...
BIOCON is in consistent uptrend. For last two months, it is is trading in a rising channel. Now it looks to have taken support on the channel support line around 395. A resistance turned support line also passes around 395. The stock can be bought @ cmp 409 for targets of 440-470 with a stop below 384.
I hope you can now see how the Biocon represents an excellent low risk profit entry setup allowing you to trade in the market.Take positions so that the risk/reward is in your favour.
Knowing why, where & when a strong reversal signal is being generated will be the only way to capitalize on your technical analysis .
Disclaimer: It should not be assumed that...
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
Given that the Pharma is in uptrend and Biocon is leading the pack, Downside is very limited.
Also Trend is a Friend.
Take long position if it crosses the trend line with good volume or crosses the price range of 433-435. If it finds resistance at 433-435 price range or at trend line, the short by taking small targets, as it is an uptrend so shorting is not advised but shorting by having small targets is a good idea and remember it could come back to the lower trend line also.
NIFTY - Technical Analysis:
On the daily chart Nifty broke into the previous wedge after giving a failed breakout
There was a big OI build up for weekly call options at 10700 strike, indicating that writers are confident that Nifty won't cross 10,700 levels in the next 2 days
MACD entered negative levels, giving out a strong sell signal
NIFTY - Driving...
Update Dt. – 11-07-2020
Price is a trap between the triangular pattern and the share is near an all-time high. On 10-07-2020 the share made the all-time high of ₹420.5 and closed at ₹414.3. Price is also taking the support of 21DEMA and 50DEMA also indicates the uptrend.
From 1st week of June, the share price was in consolidation form ranging between 380 to 400...