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.

 

 

 

 

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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admin June 14, 2012