BIOCON trade ideas
BIOCON looks weak from resistance with Negative divergenceBIOCON looks weak from resistance, i see RSI Negative Divergence when the price is making higher high. Better to book profit and exit if in profit already.
Expecting 390 level to be touched again !
SHORT BIOCON THE STOCK HAS BEEN FOLLOWING A CHANNEL WITH CONFIRMED SIGNALS VIA VOLUME
MY TARGET WOULD BE @ 393
Fibonacci Time Zones - BioconI 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 - Buy for short termRSI Above 50, 5 EMA Above 21 EMA - Ideal for atleast 5% uptrend in short term
Biocon - Bearish Setup - Price ActionPrice Action in Biocon is signalling bearishness.
Initiate Sell.
Target : 379
Stop Loss : 398
BreakoutThere could come a bullish trend in biocon tomorrow and stock might surge upto levels of 415 to 420
Broke the range and closed in 52 week highVolume is not that great. let see tomorrow
Keep a eye on this
BIOCON Trade SetupThis Analysis Is Done Only For Educational & Intelligence Purpose, Invest Or Trade At your Own Risk & Will.
Biocon - Past view and current DilemmaBiocon - 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, which in my view signifies a hesitation from traders to increase the price action. This has also resuted in some profit booking.
Given that the market for Pharma is in the uprise, there were more than few companies which hit their new 52 week highs, beating their relative previous highs again and again. Biocon stands as an exception here, as it did not capitulate on the Pharma uprise trend.
However, given that the earnings grew year on year 3.41% up and net sales standing rs 1581 cr, OI being almost close to 3.8% up AVG, if it manages to close above 375 in the upcoming week, the stock may see levels of 390-428.
To conclude, Biocon may not see a speed up in its price action and once it reaches the 428 level, we may further see another consolidation period, unless there is surprise element in store, with regards to earnings for next quarter and the next.
View: Can go long with a stop loss of 310. 1-1.5 years which it may take to see 35-45% returns.
Note: Views are personal and meant for education purpose only. I highly appreciate your comments, views or any efforts you put towards sharing knowledge on markets.
BIOCONEnter 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.
BIOCON Trade SetupThis Analysis Is Done Only For Educational & Intelligence Purpose, Invest Or Trade At your Own Risk & Will.
BIOCON - Good looking trade setup - data + chart looks positiveCMP : 381.25 (Post market 19/06/2020)
SL : 374
Target : 399 (Safe)
1:3 risk reward trade setup
This script stock behave like i know what i'm doing. When NIFTY major index is falling BIOCON was in up trend. Now when NIFTY is bullish BIOCON has slipped but at a beautiful support level.
1) PCR for July = 0.29 Very bullish
PCR for June = 0.39 Very bullish
2) Open interest is highly increased at 400 price level which is recent swing high / resistance. Clear bullish sign
3) Price is at crucial trendline and recent swing support high. Consolidating very nicely
4) RSI recovered from Oversold area in the last 30 min's and stabilized.
biocon if closes above 395 then we can see 440entry at 3.20 if closing above 395 or now (pre-empting)
sl-375
target-440
LONG ABOVELONG ABOVE 396.60 for TGTS of 3-5-7-9-12-15 points...
(Just a view better seek professional advice.)
