ABFRL on weekly timeframe is showing early signs of reversal, the stock is currently consolidating around 50% retracement level from Covid low to ATH and after a correction from top, since last 4 weeks it is making base here.
This may even turn out to be higher bottom in comparison to June low.
Overall the level is also at a channel trendline support zone and does provide a low risk entry here.
On daily time frame, the stock is trading in a range and has formed a morning star pattern with a 20dema breakout as well. The volumes were also good in today's session. RSI is also gaining momentum with a some hints of positive divergence ..
This may even turn out to be higher bottom in comparison to June low.
Overall the level is also at a channel trendline support zone and does provide a low risk entry here.
On daily time frame, the stock is trading in a range and has formed a morning star pattern with a 20dema breakout as well. The volumes were also good in today's session. RSI is also gaining momentum with a some hints of positive divergence ..
Trade closed: stop reached:
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