Trade strategy for ABB India Ltd can be approached by 3 ways. Below are the ways mentioned,
1. Since 1620 is good resistance, shorts can be initiated at current levels with stops above previous traded high of 1640. Exit points can be either on i)Rising trendline level or ii)Support area between 1547 & 1567 or iii) 1505/10
2. If the stock breaks the above mentioned resistance and closes above 1620/40 (where eventually the earlier short would be stopped out), go long with stop below 1600 with potential exit point as indicated by Bullish flag @ 1825.
3. If the stock continues to fall and breaks down below 1500 on closing basis, we could get a confirmation of a double Top pattern. In this case, we can initiate short with target as indicated by the pattern @ 1386.
(Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or investment ideas. Trading in Stocks, Futures and Options carry risk and is not suitable for every investor. Hence it is important to do your own analysis before making any investment or trading decisions based on you personal circumstances and it is always better to take advice from professionals)
1. Since 1620 is good resistance, shorts can be initiated at current levels with stops above previous traded high of 1640. Exit points can be either on i)Rising trendline level or ii)Support area between 1547 & 1567 or iii) 1505/10
2. If the stock breaks the above mentioned resistance and closes above 1620/40 (where eventually the earlier short would be stopped out), go long with stop below 1600 with potential exit point as indicated by Bullish flag @ 1825.
3. If the stock continues to fall and breaks down below 1500 on closing basis, we could get a confirmation of a double Top pattern. In this case, we can initiate short with target as indicated by the pattern @ 1386.
(Disclaimer: Our charts and contents are just for the purpose of analysis, learning and general discussion. Do not consider these as trading tips or investment ideas. Trading in Stocks, Futures and Options carry risk and is not suitable for every investor. Hence it is important to do your own analysis before making any investment or trading decisions based on you personal circumstances and it is always better to take advice from professionals)