from november biocon is trading inside upward channel and stock is trading narrow for the past 3 days expect a up move towards channel resi. around 1200 sl at 1080
Andrews Action/Reaction method has suggested a short and it made Big Red candle showing the selling pressure at that level. It has also broken the short term trend line telling the weakness at least in short term. Prices are retesting the Supply Zone and trend line from below, so one can put the stock into their radar and short the stock on seeing the weakness.
Biocon has been trading in uptrend and closed on weekend forming piercing pattern indicating bulls have again stepped in. we may see further upside in this stock up to 1120 in near term.
Biocon has broken from rising trend line with rising volumes. It has closed below 20 Day EMA. It has also formed lower bottom on daily charts.
One can initiate short position around 1070-1080 levels with stop loss of 1090 (closing basis) for target of 980-1020 in next 8-10 days.
Biocon is in the midst of Cycle wave 3, consequently we have seen solid momentum since early 2016 in this stock.
Hopefully, the EW counts are self explanatory. We should see a pause to the rally in the short term.Traders should short the scrip for targets below 1000 (possibly upto 900). Investors can accumulate in 800-900 range.
Note: This post is only for...
Last Price@946
Intermediate Wave- (1)-(2)-(3)-(4)-(5)
Minor Wave- 1-2-3-4-5
From 90 lows in 2009- Biocon has travelled into the nested wave structure (1)-(2)-1-2. Currently moving into 3rd of (3) wave. Minor wave-3 was done at 1020 highs in Oct2016- since then it had a severe fall to 804 lows which retraced 38.2% & the rise from 804 lows looks choppy &...
BIOCON shown strength on 09 Jan by surging 45 points. It broke the weekly channel top line. However, interestingly, rally halted exactly on previous weekly resistance @ 1020. It will be interesting to watch here. It would be sell candidate for me if any daily candle closes below 1000 with SL of 1025 for target of 950.
Wait and watch time !
What a way to start TGIF- Thank God It's Friday- Enjoy the weekend. It was an explosive move to capture in an hour from 950 to 970 as suggested in the interim updates of "Biocon 2017- Can Struggle till 720-725 zone"
Biocon 2017- Can Struggle till 720-725
