As per elliott wave perspective Biocon currently trading in its wave C with internal five wave structure. Fifth wave of "c" is also forming internal five wave and about to form falling wage pattern. Any sign of pullback will give strong short term trading opportunity in this stock and I expect stock may jump towards 560 - 575 which is 38.2% and 50% fibonacci...
- The trading decision need not be full of complex indicators, it can be as simple as this one.
- Biocon is taking support at the lower end of the weekly channel
- Note the volume picks up as soon as it reaches the lower end, a similar rise in volume can be acknowledged
- MACD showing an upcoming bullish trend
- Look for targets of 740-750
Eventhough @Biocon shows good move, It can be pulldown if it didn't get buyers(demand). I mean there are 80% chances for fail breakout. To confirm it, short if the price closes below red line and if it shows less volume(less interest).
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 up NSE:CNXPHARMA
Comment: One can consider investing in pharma funds/Etfs with a systematic investment strategy for 5 years (Holding...
Biocon
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:-
Situation 1
- In case of dips look to buy in the zone of 618-607 levels for target of 662 / 682 initially.
- pattern...
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:)
