The demand supply zone on weekly chart is between 520-524. This zone is being tested for third time.
In third test on 17th May price opened gapdown into the zone.
Another point to be noted is it's gapdown open was within range of previous bar. The gap was ultimately filled in the same day.
Close is within the zone.
If open is above 524 , we can have short term...
"Biocon is expensive as compare to its competitors and its trading above its sector's PE ratio which is 50.65. biocon PE ratio is 64.71 which is alot higher than other pharma companies who is trading below PE ratio of 30. it will get its fair value soon. Advice : Stay short.
Biocon has usually respected the 200EMA. Another retest might happen tomorrow.
Lookout for another bounce off support (Go long w tight SL) or if it badly breaks down with high volumes then over the next few days it could give a short opportunity.
SL 557.35
if closes monthly above 669.50, Then next target 808
CCI34 Monthly is still above 100
CCI8 is below 0 - Nice Retracement view, must jump from here.
