Biocon

Trade setup:
Daily - Broke out of ascending triangle with a bullish engulfing candle and good volumes. Crossed 50EMA and 200 EMA as well. Took support at long term trendline (since 2019).
Weekly - crossed 50EMA as well, after forming a couple of doji's.
Target = 422 INR (T1). Above that, gap will be filled, with T2 = 440 INR.
SL = blue box below ie; approx 365 INR.

Yorum:

18Jun21: managed to close above 50EMA on weekly basis.
Pinbar seen on daily charts. buying seen at lower levels.
don't panic :)

İşlem aktif:

don't panic. if you observe closely on daily chart, majorly, the volumes during the fall (red candles) are low and high volumes can be observed during the rise of stock (green candle).
the stock has not participated in rally in this bullish cycle. Personally, this is value pick. Let's wait and watch the show :)

İşlem aktif:

Today the stock closed below 365 INR. If this scenario pertains on will weekly closing basis, then i will exit this trade.

İşlem kapandı: durdurma seviyesi:

SL hit. Trade closed.
Very unfortunate. It was high conviction trade from my side.