Andrews Action/Reaction method has suggested a short and it made Big Red candle showing the selling pressure at that level. It has also broken the short term trend line telling the weakness at least in short term. Prices are retesting the Supply Zone and trend line from below, so one can put the stock into their radar and short the stock on seeing the weakness.
Biocon has been trading in uptrend and closed on weekend forming piercing pattern indicating bulls have again stepped in. we may see further upside in this stock up to 1120 in near term.
Biocon is in the midst of Cycle wave 3, consequently we have seen solid momentum since early 2016 in this stock.
Hopefully, the EW counts are self explanatory. We should see a pause to the rally in the short term.Traders should short the scrip for targets below 1000 (possibly upto 900). Investors can accumulate in 800-900 range.
Note: This post is only for...
biocon has given response to long term trend line and formed morubuzu candle.
its perfect sellsetup.
sell at 968 target 38% level 931..
enjoy this trade
Biocon has broken long uptrend journey it retraced to 38% of fibo level and rebound, it is looking strong enough to go further upside up to the target of 975 in near term and resistance, 975 seems the deciding point whether go up or down. traders may enter long in biocon for short term target 975.
It is been observed on the daily chart that the price action reaches to resistance levels of 928-938 levels where it made a double top and facing a selling pressure as the prices dipping down and failed to break over the resistance. Now, it shall further breaks down below.
Target1: 900
Target2: 880
Stoploss: 942
Biocon after a long up trend journey seem to have established bearish trend, the stock looks week and approaching to its support 800.60 first target and 735.42 second target as fibo extension also indicate the support. risky traders may enter short in this stock at CMP, conservative traders may wait as stock may retest the resistance level again 920-930 and enter...
The stock was in good uptrend but formed a bearish Flag and gave breakout today with volume. My personal experience with bearish flag is not so good but still I would trade it. Let's see how it performs.
It is been observed that the price action is consolidating and forming a Ascending Triangle pattern on hourly chart. It indicates a strong resistance level at 968 levels and prices action is retracing from this level.
Therefore, it will be interesting to see how the price action works out tomorrow and if it breaks above it then it shall provide a higher big move....
The price action is been trading in a leading diagonal pattern which is now indicating weakness as higher prices rejected by sellers and sellers are now in dominance.
I would suggest to short this one on every rise.
Target 1: 850
Target 2: 825
Stoploss: 940
Trade with care, thanks for your support.
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...
