PANKAJ SHAH: BIOCON as on 13.6.2011

Wednesday, June 15, 2011

look at chart attached.

inverse head and shoulder pattern is seen in biocon.

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stock reversed from neck line.

SubhankarJune 22, 2011
Looks can be deceiving, Pankaj.

Inverse head-and-shoulders pattern usually forms at bottoms - not at tops. Reversal downwards from the neckline is not surprising.
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PANKAJ SHAHJune 23, 2011
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PANKAJ SHAHJune 23, 2011
yes Subhankarji,
it did not cross neck line decisively rather reversed from there only along with broader market. i had asked to buy only on decisive cross over. but it reversed from neck line so i also added that stock has reversed from neck line.
thanks for sharing your views.
Pankaj
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