Stock is hovering around previous breakout zone, currently taking support on weekly time frame buy will be above 420 SL 400
The Pharma Index (Nifty Pharma) has been performing well since the past 3 months. Biocon is one of the stocks of Nifty Pharma. As per the analysis, Biocon has tested the same level (417-420) multiple times and any level when tested multiple times, becomes weak and price may breakout the level soon. Any up move from the supply zone will give a good opportunity to...
sl, entry and target as per chat. ENTER only when PDL breaks
Price just took the other way around. This shows the importance of stop loss in every single trade. If you find my analysis helpful . . . . . Please show your support by hitting 👍 LIKE button, Your Support is very much 🙏 appreciated! You can comment any of the script, I will analyze technically and post it for you. No Buy or Sell calls strictly :)
biocoin possible short breakout happen target mentioned
I hope you can now see how Biocon represents an excellent low risk profit entry setup allowing you to trade in the market.Take positions so that the risk/reward is in your favor. Knowing why, where & when a strong reversal signal is being generated will be the only way to capitalize on your technical analysis . Thank You Disclaimer: It should not be assumed...
I will Short BIOCON on because: The price is forming a Chanel or Rectangle Pattern . The price is also under Support/Resistance zone. It has touched the resistance (upper end of rectangle ) and may reach the support zone (lower end of rectangle ) . Target would be the Support area . Book profit when it reaches the support zone . Entry - 457 Target - 410 Stop loss - 467
BIOCON - enter with stoploss of 528 and price target of 10%, 30% and 50% upside for Short, medium and Longterm
Note: This is for educational purpose only. There seems to be an ascending triangle bullish breakout with good volume (not too high). There seems to be a similar breakout in the RSI as well. RSI is 54 which is in neutral zone. As per the chart it seems that the bulls are back in control post a substantial push from bears.