BIOCON LIMITED.Short
Biocon - End of countertrend ?
Biocon BIOCON has been relatively unaffected by the current mayhem going on in the Pharma sector.
However, after a few days of upmove, looks to me that Bears are tightening their grip on this stock as hammering of Pharma sector continues.
I can see that the stock retraced around 61.8% of its fall from April 30 to May 7, and now it has resumed its downward journey.
Took short positions today with stop loss around 660 levels for a target near 570 levels.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
BIOCON has been relatively unaffected by the current mayhem going on in the Pharma sector.However, after a few days of upmove, looks to me that Bears are tightening their grip on this stock as hammering of Pharma sector continues.
I can see that the stock retraced around 61.8% of its fall from April 30 to May 7, and now it has resumed its downward journey.
Took short positions today with stop loss around 660 levels for a target near 570 levels.
Disclaimer: Views expressed here are my own, and should not be interpreted as an Investment Advice. Please consult your Financial Advisor for investments.
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