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
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...