Biocon Limited (BIOCON) Stock - Complete Technical Analysis - Nov 19, 2024

Biocon Limited Technical Analysis: Support, Resistance & Key Patterns to Watch Stock Trading Tips

Disclaimer: This analysis is for informational purposes only and should not be considered financial advice. Investing in stocks involves risks, and it's essential to conduct thorough research or consult with a financial advisor before making investment decisions. Biocon Limited (BIOCON), priced at 327, is in a mixed technical scenario. The stock is down from its 52-week high by 17.37% but remains 41.43% above its 52-week low, signaling it's not yet in bearish territory. The Average Directional Index (ADX) of 29.36 indicates moderate trend strength, while the RSI of 46.62 reflects neutral momentum.

Recently, BIOCON's price action has shown patterns of indecision, with a Doji and Spinning Top formed on the daily chart, signaling potential reversal or pause in the trend. The Bullish Harami pattern from the previous day suggests a potential uptrend, but confirmation is needed before jumping in.

The MACD is negative, signaling short-term bearishness, while the Momentum indicator shows slight bullish strength. This combination points to the possibility of a reversal if the stock crosses key resistance levels.

Support levels are near 320325, while resistance is evident near 330338. The stock is currently trading around its simple and exponential moving averages, signaling a consolidation zone. With an ATR of 33.34, volatility is moderate, so traders should be cautious. Keep an eye on a breakout above the 330340 range for potential bullish moves.

If youre planning to trade BIOCON, watch for clear signs of a breakout or reversal near key support and resistance levels. A sustained move above 338 could lead to bullish momentum, while a drop below 320 might signal further weakness.