Abbott India - Fibonacci Reversal

Aug 4, 2020

ABBOTINDIA has retraced 61.8% of its rally. The stock gave a #Doji reversal confirmation 2 sessions back and moved to confirm the reversal of the downtrend. Currently the stock has moved up to its resistance level and and same can be seen from falling bullish volume.
Tomorrow will be important to watch to see if it breaks the resistance or not?
We expect the stock to move a little lower (retrace about 50% of the current reversal move) and then increase to move towards 18000 levels. (As shown by arrows). There’s however more upside according to RSI and Relative Strength Analysis.