A crucial level to break, RSI, entry/exit/SL in description

BIOCON

Date 19-Jun-2020
CMP 390

• In the time frame of 1 Dec 2016 to 1 Oct 2018 notice the price gets doubled and RSI in negative divergence. (Refer rectangle boxes). This let to the distribution phase for the coming year.
  
  
• Volume supported up-move in the month of May. RSI has now broken out of negative divergence levels and now making HH. MACD looks bullish monthly, mildly bullish weekly.
  
  
• Daily chart looks bearish, might get below 377 level. Personally I feel this is not a good time to enter as it is taking major resistance around 400.That's why taking a Neutral stand for now.
• Good buy if breaks the channel and sustains around 404-412 WCB/MCB, SL 365 TG 500+, RR 2.
• Can do buy on dip once entered in the trade, but I think it'll be a long journey to the target.