Time to book profits
Biocon CMP 361
Trendline - the rising trendline is now resistance. Generally a sharp correction always starts after the stock hits this trendline from below.
Fibs - the support at 61.8% from a larger swing is an indication of a stock whose bull trend is weakening. Hence the rally post that has to be watched carefully.
RSI - The oscillator is in the bear zone on both the monthly and the weekly charts. Its a red flag.
Elliott- to me this is the start of the C leg of the fall and should be deep.
Conclusion - Investors should book profits. And traders definitely have an opportunity.
Trendline - the rising trendline is now resistance. Generally a sharp correction always starts after the stock hits this trendline from below.
Fibs - the support at 61.8% from a larger swing is an indication of a stock whose bull trend is weakening. Hence the rally post that has to be watched carefully.
RSI - The oscillator is in the bear zone on both the monthly and the weekly charts. Its a red flag.
Elliott- to me this is the start of the C leg of the fall and should be deep.
Conclusion - Investors should book profits. And traders definitely have an opportunity.
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