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BIOCON

Hammer PatternHammer candlesticks typically occur after a price decline. They have a small real body and a long lower shadow. The hammer candlestick occurs when sellers enter the market during a price decline. By the time of market close, buyers absorb selling pressure and push the market price near the opening price. The close can be above or below the opening price, although the close should be near the open for the real body of the candlestick to remain small. The lower shadow should be at least two times the height of the real body. Hammer candlesticks indicate a potential price reversal to the upside. The price must start moving up following the hammer; this is called confirmation. Script = Biocon Time Frame = 1 Day
NSE:BIOCONLong
by Jainshashwat
2
BIOCON OVERSOLD (FIBO TIME ZONE ANALYSIS )Biocon Ltd looks fundamentally very disappointing but there are few patterns on charts that makes it technically interesting at this point of time. Betting for an upside with a calculated risk doesn't seem as a bad option for now. BIOCON ON CHARTS: - Biocon has formed a Bullish Wolfe Wave. - After 10 Weeks the Weekly closing has been above prior candle's close. -The bullish pattern has been formed at a very important Fibonacci Retracement level of 89%. - RSI is at Oversold zone and at Reversal Zone. - Negative DI index stands at 31, it generally indicates a oversold trend and a trend reversal in Biocon. Because -ve DI in Biocon never crosses 35. - Directional Index stands at 38. Generally 40-50 Level is a trend reversal indication. - According to Fibo time zone analysis, Biocon is nearing 5.55 Time level. It is a trend reversal level. A good up move above 260 can lead the stock to 320 Level. SL seems to be at below 220. CHART & ANALYSIS ADARSH DEY
NSE:BIOCONLong
by AdarshDey
7