For positional Trade :
Currently trading in channel range & taking retracement support at fib 50% retracement
Good Risk to reward ratio
(No entry zone-417-424)
Disclaimer: I am not SEBI Registered ,This is just my own view.
This analysis is purely based on Price Action & Chart Patterns.
Image is self-explanatory with both logic & trade-strategy.
Trade can last up to a couple of days to few weeks depending on the price behaviour.
*Kindly do your own research & then enter in any trade at your own risk*
Pls comment for any query or suggestion.
Biocon is at crucial level when compared to nifty. If the ratio breaks it immediate resistance and gives weekly closing above, the wave may may enter in to the small correction and extend finally in Wave 5 with the target around 670.
Momentum indicator has given advance crossover for the bullish signal as shown at top.
EXPECT CONSOLIDATION IN PHARMA SECTOR TO END ,BIOCON EXPECTED TO GIVE GOOD MOVE
BUY RIGHT SIT TIGHT
IF BREAK 402 LEVEL BUY CANDIATE ON PULL BACK
IN RED PATTERN STOCK IS EXPECTED TO MOVE
SL SHOULD BE CLOSING BELOW RED LINE
Biocon is again showing sign of coming out of consolidation zone though volume is not increasing much
MFI is increasing n possible breakout possible
1. at max 15 % increase possible ---> 400 * 1.15 == 460 ( at max ) (highly unlikely )
2. at max 15 % decrease possible --> 400 * 0.985 == 340 ( at max ) ( highly unlikely )
safe upside setup is...
Stock has been trading in a narrow range from past 16 trading session.
This is probability play on the upside breakout because of good risk reward ratio.
Close below the 378 levels , would negate the said probability.
BIOCON has seen a range breakout in yesterday's session and today we are also seeing follow through and sustaining above 390 levels can take stock to 413, 435 and 450 levels.
Any dip in the stock ,can be a good opportunity to enter the stock.
Note :Higher time frame are also in alignment with this trade -setup
Do not follow blindly, please do your own research.