BIOCON trade ideas
BIOCONWAITING FOR PRICES TO TEST THE ENTRY PRICE. SELL SETUP :)
KEEP IT SIMPLE, KEEP IT UNIQUE :)
HAPPY TRADING, HAPPY PROFIT MAKING :)
NOTE: MY VIEW ONLY....
BIOCONIs in a sell mode
gradually the stock has been slipping last many months
one can short will stops at 256 for target of 238.
In case of a good downward move it can slip to as low as 223 very fast filling the gap.
Long players should avoid this.
#BIOCONBIOCON
Sector: Healthcare
Industry: Biotechnology & Medical Research
Employees: 5005
Biocon Limited is a biopharmaceutical company. The Company focuses to reduce therapy costs of chronic diseases like autoimmune, diabetes, and cancer. Through its products and research services it is enabling access to affordable healthcare for patients, partners and healthcare systems across the globe. The Company has developed and taken a range of Novel Biologics, Biosimilars, differentiated Small Molecules and affordable Recombinant Human Insulin and Analogs from Lab to Market. The Company’s brands include INSUGEN (rh-insulin), BASALOG (Glargine), CANMAb (Trastuzumab), BIOMAb-EGFR (Nimotuzumab) and ALZUMAb (Itolizumab), an anti-CD6 monoclonal antibody. It has a pipeline of Biosimilars and Novel Biologics at various stages of development, including Insulin Tregopil, an oral insulin analog.
BIOCON - short below 519 (18th May 2019)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 buy. If open is below 519 , I would suggest a short with a target of 450 within a week.
Biocon Short"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 Levels for tomorrow Rounding bottom formed on chart...as well can be a cup and handle can be formed.
Biocon - 200EMABiocon 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.
Resting on Retracement 583.85 - Next Target 669.50SL 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.
