Indoco Remedies Limited Up 20% In a Single day

Indoco Remedies Limited Up 20% In a Single day : See It Yourself with Elliott Wave Lens

52 Week High : INR 406.25 / Share on 26th May 2021
Sector : Health
Industry : Pharmaceuticals

Indoco Remedies Ltd. is a holding company, which engages in the manufacture and marketing of pharmaceutical products. The stock has made a new 52 week high of 406.25; let us have a closer look that made a single day jump of 20 percent in a day.

Indoco Remedies Daily Chart With Elliott Wave Count

Indoco Remedies Hourly Chart With Ichimoku Cloud 

Indoco Remedies Showing Bollinger Band  Breakout On Daily Chart with MACD

Elliot Wave Projection and Analysis:

As we can see above, on the daily chart, Indoco Remedies is in the formation of fifth impulse wave of primary degree, which means prices are about to stretch at this level, with the help of Neo Time cycle and Fibonacci retracement ratios, it has been seen that bias is positive with bullish confirmation on the daily chart, which has also seen in the chart, where Prices are piercing the upper band of the “Bollinger Band” with long body in the candlestick chart.

On half hourly time frame, we can see that prices are seen to pierce from below to upper band of Ichimoku cloud which confirms the bullish bias and Standard Moving Convergence and Divergence (MACD) with reading of 10.91 on daily chart confirms a strong impulse wave characteristics.

In short, the stock is having a strong bullish confirmation and expected to show positive bias as long as 350 levels are maintained on the downside.

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