Positional or Longterm Opportunity in ABB
Go Long @ 5432.1 for Targets of 6510, 7015, 7520, and 8024.7 with SL 439.15
Reasons to go Long :
1. On a Weekly timeframe if we draw the Fibonacci retracement tool from the recent swing low (point A) to the recent swing high (point B) then we see stock took support from the 0.5 Fibonacci level.
2. Besides, a bullish candlestick pattern Bullish Engulfing (marked with orange) is formed around the 0.5 Fibonacci level.
3. In addition to this there is a strong demand zone (marked with purple) which earlier was acting like resistance but now is providing support to the stock.
Reasons to go Long :
1. On a Weekly timeframe if we draw the Fibonacci retracement tool from the recent swing low (point A) to the recent swing high (point B) then we see stock took support from the 0.5 Fibonacci level.
2. Besides, a bullish candlestick pattern Bullish Engulfing (marked with orange) is formed around the 0.5 Fibonacci level.
3. In addition to this there is a strong demand zone (marked with purple) which earlier was acting like resistance but now is providing support to the stock.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.