Published September 28, 2018
Biocon Limited (BIOCON.NS) Close: 708.40
An approximate horizontal trend channel in the medium term is broken up. Trading inside a more neutral zone between 675 and 553 since January 2018, finally BIOCON has broken out from it and has initiated a new buy signal. Continued strong development is indicated. There is support around 640 rupees and further around 570-553 on a medium to longer term perspective.
Biocon Limited has more than doubled in the last one year and is in a rising trend channel in the long term chart. This rise has been supported by higher volume on price rise and lower volume on reactions, as indicated by positive volume balance. Also the momentum in the stock is positive, strengthening the increase in price. The stock is overall assessed as technically positive for the medium to long term.
Investtech’s outlook one to six quarters: Positive
Investtech's recommendation: Buy
The analysis is based on closing price as per September 27, 2018.
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Investtech guarantees neither the entirety nor accuracy of the analyses. Any consequent exposure related to the advice / signals which emerge in the analyses is completely and entirely at the investors own expense and risk. Investtech is not responsible for any loss, either directly or indirectly, which arises as a result of the use of Investtechs analyses. Details of any arising conflicts of interest will always appear in the investment recommendations. Further information about Investtechs analyses can be found here disclaimer.
The content provided by Investtech.com is NOT SEC or FSA regulated and is therefore not intended for US or UK consumers.