ABFRL Symmetric Triangle Breakout

Jun 25, 2021

ABFRL ready for a short term positional trade for target price 241.

Confirmations:

• Morning star candlestick pattern :
  Its a bullish trend reversal pattern having very good result when occurs in a down move or a down trend.
  
• Breakout :
  Symmetric triangle pattern breakout with a Large bullish candle.
  
• Volume :
  Volume at breakout candle is above the volume moving average of length 20. Its almost more than twice volume MA.
  
• MACD :
  MACD crossing above zero is considered bullish.
  MACD histogram showing positive strength. Histogram bars are increasing.
  
• RSI :
  RSI is above 60. Its a good sign for a bullish trend with a good strength.
  

Here I have considered target from resistance line near 241.

Disclaimer : I am not sebi registered. This is for educational purpose. Take your decisions with your own analysis. I am not responsible for any profit or loss.