-BIOCON breaking through key resistance into all time highs.
-Breakout on high volume.
-Stock was resilient during the panic selling in Nifty.
-Bullish cross on weekly MACD.
Not an investment advice. Do your own due diligence.
Disc: Long.
Price action is having strong resistance at 695 - 700 level. To give upside movement, price have to break the resistance. Otherwise it will move towards the support at 560 - 570 level.
Weekly chart. Consolidating for last 9 months. May be pregnancy is maturing to bear since trend is upbeat. On daily chart 50DMA, 100 DMA and 200 DMA are crossing on the upside. Previous breakouts gave phenomenal returns.
Positive:
1. Bounced back from its upward trend line with decent volume
2.Making higher top and higher bottom
3.Crossed 20,50,100,200 DMA
4. Momentum indicator and Trent indicators showing positive
Points to look:
1. No significant change in the Open interest
2.20 points away from its all time high
Stock just brooked the 8 month range bound between 546 and...
