BIOCON trade ideas
BIOCON : WILL IT CONTINUE THE PATTERN ?GYANEE -BIOCON
CMP 364
Stoploss 320 - (44) Points per share
Target 470-500-530 - (106-166) Points per share
It is following a channel pattern , from long time and has taken support recently , result is due today that is 20th jan for 3rd quarter , this can be a good trade if result comes in favour. However slow mover from many days and following this trade from more than 2 months approximately. NSE:BIOCON
BIOCON LTD - BIOCON(NSE) | FLAG CONTINUATIONBIOCON LTD - BIOCON(NSE) has been forming a Flag Continuation Pattern since the start of 2021, when viewed in a day's period. A price level of 372(red, dashed line) had acted as a good support and the price had bounced back from there till 479(green, dashed line) in the past. Hence, a long candle cutting the rectangle upwards can trigger a rally till 479, which can happen in less than a month, after the breakout. Watch thoroughly, as the price is nearing the top boundary of the rectangle.
BioconBiocon is placed at very critical make or break level. 374 is very strong resistance for it, In the past did try to break above this level but couldnt be able to sustain for a session or two.
374 happens to be 50% retracement level from recent swing high-low.
So if biocon gives close on hourly chart either above or below 373.60, with following candles confirmation sell below 373.60 or buy above 373.60.
Will update on tgts n sloss once activated.