ABFRL's Harmonic Patterns and Potential Targets
Harmonic Patterns: Cypher and Anti Butterfly
Upon examining the chart, we observe the presence of two harmonic patterns: Cypher and Anti Butterfly. Harmonic patterns are geometric formations that indicate potential trend reversals. Traders often employ these patterns to identify favorable entry and exit points in the market.
Support on RSI:
In addition to the harmonic patterns, we notice a good support level on the Relative Strength Index (RSI), as indicated in the attached chart. The RSI is a momentum oscillator that measures the strength and speed of price movements. A support level on the RSI suggests a potential buying opportunity.
Price Analysis and Targets:
At the time of analysis, ABFRL's current price is 196. Based on the identified harmonic patterns and support on the RSI, we can establish potential price targets. The first target is set at 211, indicating a potential upward movement, while the second target stands at 226. These targets serve as reference points for traders to gauge the potential profit levels.
ABFRL's Brands and Financial Performance:
Aditya Birla Fashion and Retail Limited (ABFRL) is a well-known player in the Indian fashion and retail industry. The company boasts a diverse portfolio of brands, including Allen Solly, Pantaloons, Van Heusen, Peter England, and many more. Each brand caters to a distinct segment of consumers, making ABFRL a significant player in the market.
Conclusion:
In conclusion, analyzing the weekly chart of ABFRL, we have identified the presence of harmonic patterns (Cypher and Anti Butterfly) and observed a support level on the RSI. These factors, along with the current price of 196, suggest potential price targets of 211 and 226. It is important for traders to exercise their due diligence, consider market conditions, and review the stock accordingly. Remember to set a stop loss at 178 to manage risk effectively.
Disclaimer: The analysis provided is based on historical price data and technical analysis. Trading and investing in the stock market involve risks, and it is essential to conduct thorough research and consult with a financial advisor before making any investment decisions. The author are not responsible for any financial losses incurred based on the information provided herein.
Upon examining the chart, we observe the presence of two harmonic patterns: Cypher and Anti Butterfly. Harmonic patterns are geometric formations that indicate potential trend reversals. Traders often employ these patterns to identify favorable entry and exit points in the market.
Support on RSI:
In addition to the harmonic patterns, we notice a good support level on the Relative Strength Index (RSI), as indicated in the attached chart. The RSI is a momentum oscillator that measures the strength and speed of price movements. A support level on the RSI suggests a potential buying opportunity.
Price Analysis and Targets:
At the time of analysis, ABFRL's current price is 196. Based on the identified harmonic patterns and support on the RSI, we can establish potential price targets. The first target is set at 211, indicating a potential upward movement, while the second target stands at 226. These targets serve as reference points for traders to gauge the potential profit levels.
ABFRL's Brands and Financial Performance:
Aditya Birla Fashion and Retail Limited (ABFRL) is a well-known player in the Indian fashion and retail industry. The company boasts a diverse portfolio of brands, including Allen Solly, Pantaloons, Van Heusen, Peter England, and many more. Each brand caters to a distinct segment of consumers, making ABFRL a significant player in the market.
Conclusion:
In conclusion, analyzing the weekly chart of ABFRL, we have identified the presence of harmonic patterns (Cypher and Anti Butterfly) and observed a support level on the RSI. These factors, along with the current price of 196, suggest potential price targets of 211 and 226. It is important for traders to exercise their due diligence, consider market conditions, and review the stock accordingly. Remember to set a stop loss at 178 to manage risk effectively.
Disclaimer: The analysis provided is based on historical price data and technical analysis. Trading and investing in the stock market involve risks, and it is essential to conduct thorough research and consult with a financial advisor before making any investment decisions. The author are not responsible for any financial losses incurred based on the information provided herein.
Comment:
Target 1 is done.
Trade closed: target reached