As stated earlier, price is consolidating in a range, so there is a high possibility of a range breakout taking the price to new highs. But breakout is yet to happen. Interestingly, despite Nifty crashing down today, price of Biocon has not been adversely affected. This indicates to strong bullish sentiment.
Nifty was consolidating for last 19 sessions within a rectangular range and bulls were trying to save Nifty around 100 DMA. Today price has broken down below this geometrical pattern indicating dominance of bears. Now remaining below the support line price can go down till 200 DMA seeking crucial support.
Holding above 200 DMA, price may test 251, the first resistance at 100 DMA as it did several times earlier.
Price taking support at 200 DMA as it did several times earlier. Holding above this crucial level, Price may see 251, the first resistance.
It is said that holding onto 200 DMA, price can see higher levels. Nifty was down by100 points. Yet this counter is holding onto the said levels as it did for 12 times earlier.
Negative Divergence, short call given, target has bee achieved. It is prudent to book profit.
Consolidation Pattern in the making. Price moving above 648 and holding is a breakout target of which is (+90, breadth of the pattern) 740. Option: a) buy at the bottom of the pattern (if it comes) and hold with a small stop loss, or b) buy on breakout. Good investment stock. The stock is in strong bull market (making higher high and higher low). Hence...