POSSIBLE LONG
1)BREAK OF TRENDLINE
2)ABOVE 20,50 EMA
3) BOUNCE OF FROM THE DYNAMIC DAILY SUPPORT
4)VOLUME INCREASING
LEVELS MENTIONED ON THE CHART - RISK TO REWARD 1:2
1) CNX Pharma brokeout
2) Biocon also broke bearish trend
3) It showed a contra trend when all pharma stocks were bearish due to launch of biosimilar
SL 681
Biocon has been on a long consolidation and second attempt to break out last week. May be a successful break out coming up :)
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The earning have taken a toll lately but prices hav never had a good decent correction. pharma index has shot up recently but biocon had been a lagger. as probability of a turnaround in markets looming at all time highs the possibility of biocon correcting further increases. waiting for confirmation now.
One of the stronger stocks. For the moment looks to have peaked around gann resistance. Bulls need to be cautious. Optimistic scenario would be consolidation between 540 and the recent hgihs
