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...
In Daily chart we have seen the shooting star candle at the Resist.level to take the short entry. Short entry can be taken below the level of 400 as we can see strong support at this level. Let's wait to BD this level. After 395 once stock move below the 20 EMA level then we can see the 390 level in the stock. So add the stock in your watch list to see the...
Update Dt. – 11-07-2020
Price is a trap between the triangular pattern and the share is near an all-time high. On 10-07-2020 the share made the all-time high of ₹420.5 and closed at ₹414.3. Price is also taking the support of 21DEMA and 50DEMA also indicates the uptrend.
From 1st week of June, the share price was in consolidation form ranging between 380 to 400...
I have applied fibonacci time zones for the stock Biocon. With Addition of high Open-Interest and market looking volatile. Cash could flow into low beta and defensive stocks.
And the time zones depict a good breakout in 1 or 2 trading sessions.
Enter short once the lower trendline is broken.
Price is consolidating in a range and also in an ascending wedge which usually breaks down.
Sellers are accumulating shorts imo. Wait for the break to enter shorts.