Biocon stock under performed in 2014 . The stock was down 8% for the year. But if you look at the daily chart - there is very interesting pattern of stock trying to hold a price for long time. Does the pattern present any short term opportunity?
Here's the Biocon stock Daily Chart
As you can see in the chart above: Biocon stock has created a line of support at 408-410 by consistently bouncing from there.
The stock is once again at 408-410. Does this mean - stock will bounce again? Well - it should if we go by history. If stock does hold 408-410 without cracking 2-3% down from here - then this can be great buying opportunity. There is no guarantee that bounce will happen but it looks like an idea to watch out for. Having said that - remember Biocon is a weak stock and you never know.
Disclaimer – The state of the market notes is Deepak’s perspective on the market. The column is purely for educational purpose. Nothing contained herein is a solicitation to trade or a recommendation of a specific trade. By reading this publication you agree to make no trade relying in whole or in part on the comments of the writers