BIOCON OVERSOLD (FIBO TIME ZONE ANALYSIS )
Biocon Ltd looks fundamentally very disappointing but there are few patterns on charts that makes it technically interesting at this point of time. Betting for an upside with a calculated risk doesn't seem as a bad option for now.
BIOCON ON CHARTS:
- Biocon has formed a Bullish Wolfe Wave.
- After 10 Weeks the Weekly closing has been above prior candle's close.
-The bullish pattern has been formed at a very important Fibonacci Retracement level of 89%.
- RSI is at Oversold zone and at Reversal Zone.
- Negative DI index stands at 31, it generally indicates a oversold trend and a trend reversal in Biocon. Because -ve DI in Biocon never crosses 35.
- Directional Index stands at 38. Generally 40-50 Level is a trend reversal indication.
- According to Fibo time zone analysis, Biocon is nearing 5.55 Time level. It is a trend reversal level.
A good up move above 260 can lead the stock to 320 Level. SL seems to be at below 220.
CHART & ANALYSIS
ADARSH DEY
BIOCON ON CHARTS:
- Biocon has formed a Bullish Wolfe Wave.
- After 10 Weeks the Weekly closing has been above prior candle's close.
-The bullish pattern has been formed at a very important Fibonacci Retracement level of 89%.
- RSI is at Oversold zone and at Reversal Zone.
- Negative DI index stands at 31, it generally indicates a oversold trend and a trend reversal in Biocon. Because -ve DI in Biocon never crosses 35.
- Directional Index stands at 38. Generally 40-50 Level is a trend reversal indication.
- According to Fibo time zone analysis, Biocon is nearing 5.55 Time level. It is a trend reversal level.
A good up move above 260 can lead the stock to 320 Level. SL seems to be at below 220.
CHART & ANALYSIS
ADARSH DEY
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