BIOCON Formed Descending Triangle Pattern. Wait for proper breakout and retest and based on that, one can look for entries.
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Biocon Ltd - 04.02.2022
The stock is trading @391.65 levels
The prices are above EMA
There is a SUPPORT @377 levels
There is a DOJI in Monthly Chart
Let the prices go above 398
RSI is 57 in Weekly Chart
Watch out for the price action
Biocon has given breakout of Inverted head and shoulder pattern. VWMACD is also indicating starting of upmove. Immediate resistance trend line is placed at about 395, once it close above it , it can give good upmove. Rest is detailed at chart
Disclaimer : This is for education purpose only.
As we can see Bio-con was in Channel Pattern and after it now it was consolidating in Triangle pattern. Today it has given Good Breakout with gap. Normally, people wait for gap to fill and after that they take the trade but here, buying is so good that people are buying without Gap Filling. Also, those who has patience and waiting for gap to fill...
1) On 1 day time frame, it is near the resistance zone. 380 is immediate breakout level.
Please refer below chart : 1day Time Frame.
2) On 15min time frame, we can see that it is trading and making accending triangle pattern.
Please refer below chart : 15 min Time Frame.
Daily Chart Outlook
Chart Making Channel Pattern,
Inverse Head & Shoulders Pattern.
4 HR Chart,
Price Respect Upper Strong Tradeline,
Seeing Strong Support level Wait after Breakout
The Chart is telling in upcoming days BIOCON will Good Opportunity To Buy on Reset level
This Post Is Only For Education Purpose
Price action analysis
Biocon trading in a consolidation range from last 2 months
currently price at breakout level from channel pattern
LTP - 377, Entry level above 385
#elplantrader #tradewithelplan #tradewithaplan
wright time to enter pharma stock.
catching a fish before it grows.
beautiful Flag pattern forming.
can make entry with SL=swing low i.e. 338, CMP=367/
#the_pravin #simplepriceaction #notoindicator #nakedchart #swingtrading
Inverted Head & Shoulders Chart Pattern
Currently the price seems to be in the last leg of the 2nd wave
May enter the 3rd wave shortly and do the breakout of the neckline of the Inverted Head & Shoulders chart pattern being formed
We'd actually be bottom fishing the 3rd wave in this case or the right shoulder of the Inverted Head & Shoulders...
I hope you can now see how 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 favor.
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 the...
syngene and its peer biocon both showing signs of one side upmove
the stock looks great at cmp for a 15 % up-move to the least
it was into a deep consolidation.
from a good amount of time
the best part about this time is it gave a good spike rejection and that too at lower ends of the box
although sl should be respected