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.