BIOCON trade ideas
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.)
Biocon Simple logicOnce it break Resistance line (red line) then we can see a bullish movement here.
So keep a eye on Biocon
plan your trade as per your risk
BIOCON- RISINGWEDGE + RSI DIVERGENCENSE:BIOCON
ENTRY ON BREAKDOWN
KEEP AN EYE.
ONLY FOR EDUCATIONAL PURPOSE
BIOCON CROSSING 400CHEERS TO THEM WHO HAD FOLLOWED THIS
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