BIOCON LTD - POSSIBLE BREAKOUT FROM C&H PATTERN
Biocon counter seem to have registered a reversal from long term down trend and given a close above the resistance line over C&H pattern. The Break out is significant with very high volumes
I think,
a.) we should wait for few days for the Breakout to sustain for confirmation
b.) Wait for possible retesting of the Resistance line.
The Biocon look good for the following reasons:
- The Biocon has been in the down trend since 30 months (Dec-20) and is down from 480->250.During which time company has given better earnings making it more valuable (PE from 88->52, EPS 5.37->5.11)
Looks like potential long term opportunity
Enter around: 250-255
Stop Loss : Closing below 238
Initial Target : Around 290
NOTE: I am not a professional Trader/ Investment Expert/ Advisor. please exercise your judgement after independent analysis
I think,
a.) we should wait for few days for the Breakout to sustain for confirmation
b.) Wait for possible retesting of the Resistance line.
The Biocon look good for the following reasons:
- The Biocon has been in the down trend since 30 months (Dec-20) and is down from 480->250.During which time company has given better earnings making it more valuable (PE from 88->52, EPS 5.37->5.11)
Looks like potential long term opportunity
Enter around: 250-255
Stop Loss : Closing below 238
Initial Target : Around 290
NOTE: I am not a professional Trader/ Investment Expert/ Advisor. please exercise your judgement after independent analysis
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