BIOCON

Published: Fri, 06/10/16

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The Complete Technical Analysis
Dear ,

IF you do not know what we mean by Value Wave Investment read about it HERE
IT is the model that combines the business cycle of a stock with Elliott wave analysis for the Long term.

We covered Biocon twice on that basis before and here are the posts.



JANUARY 2015


Biocon remains in wave 2 corrective phase monthly 40dema support at 375 and 61.8% at 335. Expect wave 2 to bottom in that range. Could take its own time. Wave 5 did not form as 3expected and so is truncated at the July high. Next move up in wave 3/3 only after this corrective phase completes.

biocon300115

 


DECEMBER 2015


Biocon was added to my Value wave Investment list of Long term stocks in 2013. But it spent a long term after the initial rally in a consolidation that is now complete. Montly momentum cycles are back to zero and ready to kick start a new move. And the weekly chart below shows a breakout that indicates that mostly wave 3/3 has already started. The breakout above 476 is a week old. Wave 3 can be equal to wave 1 based on Elliott wave analysis. Yes wave 3 can be extended but we are in a larger degree third that is subdividing and exending. 3=1 is usually a good level to start with. Thagt is at 1055 odd. Note that Biocon did not participate in the Pharma rally when all the Pharma Midcaps were going all over the place. This stock has a trend of its own.

 biocon301215

The monthly chart below shows the momentum cycles on the monthly chart and prices have moved above the 20 month average at 456 already, after Bands contracted over the last 2 years. So Bollinger bands would expand once again in the next move.

 biocon301215a



 
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Rohit Srivastava
www.indiacharts.com
For accurate market forecasting. Market forecasting is a study of past data to assess future probable outcomes. It is our endeavor to discuss high probability outcomes for traders and investors. However this is not a solicitation to buy or sell stocks futures or options or any security. Trading in any financial market should be done with sound knowledge and the help of a qualified investment adviser. Stocks based on the Elliott wave model are based on the Fibonacci fractal of the market and momentum indicators, Levels are based on Fibonacci maths and are only indicative of what the mathematical model throws up. This is not a research report. We are not investment advisors This is not a recommendation to buy/sell.
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Value Wave Stocks discusses the short term trading set ups that we use while taking our trading decisions. Value wave Investments. discusses the long term set ups that we use while taking our investment decisions. We hold investments in these stocks and are interested in these opinions. This is not the only reason considered while taking our actions. Kindly take the help of a qualified investment advisor before trading. Rohit Srivastava is a Fund Manager of a trading PMS fund at Sharekhan Ltd. that has active open long and short positions in the futures markets at any point of time. The opinions here are for your education and understanding only of how we identify stocks to trade/invest in. We change our opinion daily and even hourly. Any actions taken by you are at your own understanding and risk. We do not offer personalised advise or research of any kind.
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