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BIOCON trade ideas

BIOCON S/RSupport and Resistance Levels: Support Levels: These are price points (green line/shade) where a downward trend may be halted due to a concentration of buying interest. Imagine them as a safety net where buyers step in, preventing further decline. Resistance Levels: Conversely, resistance levels (red line/shade) are where upward trends might stall due to increased selling interest. They act like a ceiling where sellers come in to push prices down. Breakouts: Bullish Breakout: When the price moves above resistance, it often indicates strong buying interest and the potential for a continued uptrend. Traders may view this as a signal to buy or hold. Bearish Breakout: When the price falls below support, it can signal strong selling interest and the potential for a continued downtrend. Traders might see this as a cue to sell or avoid buying. 20 EMA (Exponential Moving Average): Above 20 EMA(50 EMA): If the stock price is above the 20 EMA, it suggests a potential uptrend or bullish momentum. Below 20 EMA: If the stock price is below the 20 EMA, it indicates a potential downtrend or bearish momentum. Trendline: A trendline is a straight line drawn on a chart to represent the general direction of a data point set. Uptrend Line: Drawn by connecting the lows in an upward trend. Indicates that the price is moving higher over time. Acts as a support level, where prices tend to bounce upward. Downtrend Line: Drawn by connecting the highs in a downward trend. Indicates that the price is moving lower over time. It acts as a resistance level, where prices tend to drop. RSI: RSI readings greater than the 70 level are overbought territory, and RSI readings lower than the 30 level are considered oversold territory. Combining RSI with Support and Resistance: Support Level: This is a price level where a stock tends to find buying interest, preventing it from falling further. If RSI is showing an oversold condition (below 30) and the price is near or at a strong support level, it could be a good buy signal. Resistance Level: This is a price level where a stock tends to find selling interest, preventing it from rising further. If RSI is showing an overbought condition (above 70) and the price is near or at a strong resistance level, it could be a signal to sell or short the asset. Disclaimer: I am not a SEBI registered. The information provided here is for learning purposes only and should not be interpreted as financial advice. Consider the broader market context and consult with a qualified financial advisor before making investment decisions.
NSE:BIOCON
by zenthosh
Biocon | 175% returns | 7-year consolidation breakoutBIOCON Monthly time frame Breakout from 7-year consolidation Stock riding above 20-, 50- & 200-month moving averages RSI > 60, signaling bullish momentum MACD crossover done and is above the 0 line, signaling bullish momentum Weekly time frame Stock has broken out of the orange trend line resistance after retest Stock riding above 20-, 50- & 200-month moving averages Golden crossover approaching (50WMA cross 200DMA) RSI > 55, signaling bullish momentum MACD above the 0 line, signaling bullish momentum Volumes have been good since Feb 2024, implies heavy buying Daily time frame Stock has been in an uptrend (white dotted parallel channel) since Nov 2023 Stock in the process of making a higher low (Dow theory) Stock riding above 20-, 50- & 200-day moving averages RSI > 50, signalling bullish momentum MACD is about to cross the 0 line, indicating momentum build up Conclusion Entry: 350 Stop Loss: 300 Target 1: 485 Target 2: 665 Target 3: 960 Fundamentals Stock PE (27) = Industry PE (35) {Stock not overvalued compared to Industry} Stock is only 2x book value, {Not overvalued} Int Coverage = 3.52 {Ideally > 2} CF Operations / EBIT = 0.86 {Ideal value > 1} Earnings yield >= 6.19% {Ideal value > 5%} Debt to equity = 0.82 {Ideal value < 1} Promoter stake has remained consistent over the years > 50%
NSE:BIOCONLong
by shyamsrk2
3
BIOCON S/R Support and Resistance Levels: In technical analysis, support and resistance levels are significant price levels where buying or selling interest tends to be strong. They are identified based on previous price levels where the price has shown a tendency to reverse or find support. Support levels are represented by the green line and green shade, indicating areas where buying interest may emerge to prevent further price decline. Resistance levels are represented by the red line and red shade, indicating areas where selling pressure may arise to prevent further price increases. Traders often consider these levels as potential buying or selling opportunities. Breakouts: Breakouts occur when the price convincingly moves above a resistance level (red shade) or below a support level (green shade). A bullish breakout above resistance suggests the potential for further price increases, while a bearish breakout below support suggests the potential for further price declines. Traders pay attention to these breakout signals as they may indicate the start of a new trend or significant price movement. Disclosure: I am not SEBI registered. The information provided here is for learning purposes only and should not be interpreted as financial advice. It is important to consult with a qualified financial advisor before making any investment decisions. Tweets neither advice nor endorsement.
NSE:BIOCON
by zenthosh