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:...
The price action is been trading in a leading diagonal pattern which is now indicating weakness as higher prices rejected by sellers and sellers are now in dominance.
I would suggest to short this one on every rise.
Target 1: 850
Target 2: 825
Stoploss: 940
Trade with care, thanks for your support.
Biocon has had new closing high today and is looking set to test n break 899, which then will catapult the stock into 4 digits. Is it going to oblige ?
Bearish Bat sitting on Biocon's Head - can trouble & give us target 825-827 once goes below 840..below 820 it could be..bigger downmove. so let us wait & watch.
Regards,
Abhishek H.Singh, CMT
Pattern within a pattern - yes it is ! So Biocon will be very good trade opportunity on Monday for both intraday and positional traders. Probably, positional traders have to wait for sometime as there is bit of distance between trendline and current price of Biocon. Its breakout patterns everywhere around the market, so choose and trade wisely.Lets expect next...
