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.
Biocon - It always had long consolidated years and the only big move since beginning was from 79rs to 200+ was way back 4 years ago. A significant 200% up in 2-3years.
More often than not, the price consolidation periods were longer than that of the up runs the stock had.
At curent levels, the volume candle of this week is shorter than that of the previous week,...
Price band marked is for ATH, in current week rejection is seen just below the lower band.
Be cautious for ur entries near to This band, it may trap for some time.
Some good entries would be btn 290-310; SL 280