Currently at Demand zone. With a small SL, long trade can be initiated for gap filling. Pharma Index is bullish and this stock might try to catchup with other companies soon.
Low-Risk High Reward Opportunity.
Go Long above 382.7 for targets of 395.25, 407.8, and 420.35 with SL 370.15.
Reasons to go Long :
1. Stock is currently trading at its demand zone marked with a green rectangle.
2. Also it formed a bullish candlestick pattern (Bullish Engulfing) on a daily time frame.
As per market scenario, biocon may move up till to 435 - 445, as it is near very strong support and demand zone. It's my personal views, please advice if I am wrong. I am just a beginner
BIOCON is Following some different pattern, I don’t know whether it will work out or not but at present it is at support level and formed bullish candle. 14% up ward movement scope is there in BIOCON . Almost all pharma companies rallied due to COVID and RBI governor news except few stocks like BIOCON .
NOTE: This is only for educational purposes and do your...
Biocon CMP 382.2 - Biocon has reversed from 370 after a fall from high of 424 in last one month. 1
Observations
1) On six occasions in last one year whenever it touched the bottom of Bollinger band and made a BB inside green candle it has gone up to at least middle of BB in all occasions in 5 to 8 days. This time also it may repeat same feat. Middle of the BB as...
Biocon is week below the trend line, wait for the 1-day time frame candle closing below the trend line.
Safe entry will be at 391.
Stop loss at 429.
Safe target 1 at 371.
Target 2 at 362.
Target 3 at 325.
BIOCON : cmp : 390.85
A rounding top kind of pattern has been formed in d chart.
As well as results very weak.
398 will be d best selling lvl.
TGT 383/374/362/355
SL 402 clbs
If opens gap down don't trade.
Disclaimer: Ideas for learning Only.
Learn Regularly. Not occasionally.
It has broken symmetrical triangle pattern and gave a bearish breakout on the daily chart. Stock is likely to take support at the demand zone. A price near 372 can be a good opportunity to enter in a long trade with a stop loss of 362. However, if it does not take support at 362, we can see further downfall till 340 as a target of triangle bearish breakout pattern.
