Stock Trading Ideas for September 06, 2010 (06/09/2010): Buy Biocon
September 6, 2010 by admin
Filed under Analyst's Corner, General
Stock Market Trading Ideas for September 06, 2010 (06/09/2010): Buy Biocon
On the Daily Charts, BIOCON has made a Bullish Engulfing Candlestick, on Friday. The prices are trading above the 50-Days SMA (Simple Moving Average) and 20-Days EMA (Exponential Moving Average) of 326.09 and 337.44, respectively. The stock made a high of 348.50 for the day.
The 14-Days RSI (Relative Strength Index) has strengthened on the Charts and is quoting at 59.02 (RSI below 50 indicates weakness or confirms the Selling signal).
The Positive Directional Index (20.37) is above the Negative Directional Index (13.54), ADX (Average Directional Index) has gained strength on the Intraday Charts and is quoting at 20.31 on the Daily Charts. ADX’s value above 20 and near 40 indicates that the underlying trend is strengthening.
Hence, it is recommended to buy BIOCON only if it trades above 348.60 for the Targets of 353 & 355, with the Strict Stop Loss of 344.
Contributed By: Sonal Natani MS(Finance), ICFAI, Hyderabad.
