Biocon seems to be in a rangebound zone where the lower band of the range is near 605-610 and the upper band near 660-70 levels.
Being near the lower band of the range, in trendline support zone, biocon is good risk reward trade for bulls.
Buy Biocon between 605-612 with a stop below 599 on daily closing basis ... for target of 630-40-50.
Monthly chart CNXPHARMA
Price action: Blue arrows show higher top and bottom
Line studies: Price moving out of red downtrending channel
Averages: Support at 200 period EMA in June 2018 and Feb 2019
RSI: Bullish divergence + trending upNSE:CNXPHARMA
Comment: One can consider investing in pharma funds/Etfs with a systematic investment strategy for 5 years (Holding...
Closing Price 628
- The stock is at important levels and we try to analyse different possible scenarios and how one can plan their trade.
- we are looking at 4 possible situations and accordingly one can plan their Trading strategy:-
- In case of dips look to buy in the zone of 618-607 levels for target of 662 / 682 initially.
Biocon might have completed wave y. Biocon is facing multiple Fibonacci resistance (Fibonacci cluster). Short below 641 for target 634/24 with sl 648.
Ignore Fibonacci levels on the chart. I have published it in quite unprofessional manner, apology for the same. Thank you:)
Enter Long in BIOCON if crosses above 630 (Aggressive Trader)
Enter Long in BIOCON if moves above 636
Target 1 - 648
Target 2 - 660
Target 3 - 680+
Last Swing (Higher low) 610 acts as a Stop- loss
*RECOMMENDED FOR POSITIONAL TRADE
I Expect it'll go down in further trading session ... Momentum of this stock show downward direction and pattern forming daily candle..
Wait and watch what will happen ?? .. Tell me about my analysis in comment session .. Hope !!