BIOCON Just broke out of a long term support level, now into the secondary sup/resistance zone, just below the gap.
ALos its a 382 FIB level. May face resistance before it can break it, and fill the gap.
Symmetric Triangle pattern formation on Biocon and it may break either side but the price already broken on upside. So, it will continue the bull run.
Buy above - 341.00
Target 1 - 346.50
Target 2 - 352.00
Stop loss - 334.00
Symmetric triangle and as well long run trend line formed in Biocon and its seems to break on downside with the confirmation of MACD bearish crossover on bearish trend. As I explained about the symmetric triangle on previous chart (which is pasted the chart URL below). But on this chart, price may break on down side because of the trend indicators on bearish....
- The index level retraced to the 20 day SMA
- Even though there is a little further to go for 61.8 % Fib level, hanging man pattern is clearly visible on the chart
- Looks like a reasonable risk/reward play on the short side considering above two factors
- Sunpharma, Auropharma, Biocon, Wockpharma etc seem like a good bet
This is not trade setup itself, its just an idea shared here on Biocon on potential scenario of shorts. I'm not sure about end of wave 4, as I don't have patience for sub-waves & there is no bearish reversal as of now. So either you can do subwaves & predict wave 4 end, if you don't know elliott's don't worry, just apply whatever strategy you use over Biocon &...
The stock has formed perfect pennant pattern and gave breakout with gap and good volume. It is trading below the trend line clearly telling more weakness in coming days. One can short the stock for a target of below 925.
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 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...
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.
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....