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Avoid Biocon Ltd. | Technical Chart | 14-June-2012

Below is the technical chart of Biocon Ltd., listed on Indian stock exchange, using Ichimoku Kinko Hyo indicator. The time frame used here is weekly.

Avoid Biocon Ltd.
Avoid Biocon Ltd.

On 13-May-2012, the price of Biocon ltd. closed below kumo on weekly time frame. That was its first signal to exit and book profit / loss in this share. From there it started its downward journey and in the last session, it closed around Rs.219. Still, the pirce is trading below kijun-sen line and kumo. Chikou-Span life is also trading below kumo. So, there is not even a single positive factor to buy this stock at current levels.

So, avoid this stock till the price closes above kumo once again.

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