It's very much possible that weak hands are getting into Biocon at this level & smart money taking exit. so going short near 970 with SL @ 980 - 985 on closing basis seems good trading opportunity.
On Monthly charts of biocon it is very apparent that price is getting rejected at higher levels. Now there is argument about it being fundamentally strong & nothing can go wrong but markets currently flashing the signal that price is getting rejected at higher level. Leaving you with the quote from fooled by randomness - "Even if you know what is most likely many...
We may look for sell opportunity once biocon reverse from strong resistance zone. Biocon has broken the price channel. If Biocon breaks 870 level then downside expected to 800.
This is follow up article to my previous 2 articles on biocon. 1)Today it has broken it's trend line support. 2)On weekly chart there is Bearish Engulfing pattern. 3)The stock is already up 100% in 8 months on weekly chart it looks like parabolic move. 4)I have been reading on moneycontrol most analyst are recommending Buy on Biocon. Let me know your thoughts if any,
biocon has given response to long term trend line and formed morubuzu candle. its perfect sellsetup. sell at 968 target 38% level 931.. enjoy this trade
This fooling around rally happening in biocon should fade & stock would correct severly in next few months.
Looking at the weekly chart it looks rally is tiring itself & there is huge loss of momentum in BIOCON as ROC dropped pretty sharply. Stock can face serious correction going ahead.
BIOCON a stock closing strong even with a choppy bearish nifty, formed postive divergence in Monthly charts showing still it has gas left for big moves. Immediate targets on upside lies at 1028/1088/1165 Any dips towards 930/950 zone if done before target can be bought with 835 SL. ROR not good to enter at current levels.
We may look for buy opportunity for a short term. Target is 1000.
Biocon has broken long uptrend journey it retraced to 38% of fibo level and rebound, it is looking strong enough to go further upside up to the target of 975 in near term and resistance, 975 seems the deciding point whether go up or down. traders may enter long in biocon for short term target 975.
It is been observed on the daily chart that the price action reaches to resistance levels of 928-938 levels where it made a double top and facing a selling pressure as the prices dipping down and failed to break over the resistance. Now, it shall further breaks down below. Target1: 900 Target2: 880 Stoploss: 942
Tommorow for Intraday, we can buy Biocon :- Target 1- 913 Target 2- 919 Target 3- 932 SL- 870
Biocon after a long up trend journey seem to have established bearish trend, the stock looks week and approaching to its support 800.60 first target and 735.42 second target as fibo extension also indicate the support. risky traders may enter short in this stock at CMP, conservative traders may wait as stock may retest the resistance level again 920-930 and enter...
The stock was in good uptrend but formed a bearish Flag and gave breakout today with volume. My personal experience with bearish flag is not so good but still I would trade it. Let's see how it performs.
BIOCON May hit 930-920 from here but still in down trend or if today break 885 then stock will hit 800-750-700 also.....
Sell BIOCON at current market price 1010-1015 sl 1025 target 1000-990-980
It is been observed that the price action is consolidating and forming a Ascending Triangle pattern on hourly chart. It indicates a strong resistance level at 968 levels and prices action is retracing from this level. Therefore, it will be interesting to see how the price action works out tomorrow and if it breaks above it then it shall provide a higher big move....
It is been observed that price action failing to breach 970 levels due to selling pressure that limiting the price action to 970 levels where we could see a double top. Now it is a good time to short it with stoploss at 970 levels. It is also observed that the price action is forming a diagonal on daily chart, where breakout is expected. Target: 935 Target 2:...