It has formed an inverted bearish Cup and Handle. Of course, handle is still in the making. This chart pattern tends to trigger a bearish price movement. A limited fall in price up to 1450 is expected. This is based on depth of a cup. If you plot daily trading volume from 10th Jan to 22nd Jan then it supports or confirm the chart pattern.
Biocon price seems to have formed inverted Cup and Handle on a monthly candlestick chart. This is on the slanted price movement. Handle has reached 50% of depth of cup. Any significant upmove may invalidate inverted Cup and Handle. Need some more insights on Inverted Cup and Handle
Biocon has formed inverted Cup and Handle price chart. This is also known as bearish Cup and Handle. Biocon price has recently bounced back from 212 to form handle. One may want to consider it as the probable negative breakout. I am exploring the possibility of it happening. Can anyone please suggest?
Nifty view for this week
Chart Pattern Shows 2 Observations
- Inverted Cup and Handle Pattern, Which shows Strong Bearish Move Below 11600
- Clear Down Trend Channel
- Fibonacci Retracement view shows, Market is taking support near 50%=11619
- Normally Nifty takes Support at 61.8% Retracement Level Which is 11506
- So 11500 is Very Very Important Support to hold...
If it breaks the lower support & Sustain, possible targets are mentioned in the charts..
And ADX is in strong selling mode. If everything goes well as per our prediction, will get 100+points..
All the Best.. Have a Profitable Trade..