Abbott India which was trading in the triangle formation has broken out with upper side momentum.
One can go long on this stock with target of 23800 in coming months
Abbott trading in a closed triangle pattern on Monthly and weekly charts. It can breakout on either side.
At the lower level of the triangle there is a volume coming in indicating strength currently. Formed hammer on last monthly chart candle.
If it follows then target of 26000 can be seen. Stop loss will be base price of triangle pattern. Note: On closing basis...
strong chart
relative outperformer in pharma space
stock above key averages
pharma index seen a decline of 7 % odd in past 11 session while this counter is trading with strength
formed a dual bottom
trading above neckline.
NSE:ABB
ABB INDIA LTD: this stock is looking good for short term. volume increasing
can buy above 2575 for the targets 2586-2588, 2598-2600 and 2607,2616
Abbott looks bearish on Monthly TF due to drop in delivery% and Bearish Divergence on RSI.
The Target & SL has been updated on the chart.
This is solely my view and for educational purpose only.
let me know your thoughts in the comments section
📈 ABBOTT 📉
My Findings :-
1. Higher High and Higher Low Formation.
2. Breakout from a Swing High and Support Turned Resistance.
3. Close Above March 2022 High.
Bias- Long
Target- 19513, 20613, 22028 and 23201
SL- 16024
RR- 1: 2.5
All Important Supports and Resistances are drawn in chart. All levels are on closing basis.
Please have a look and revert back if...
Abbott India Ltd - 04.03.2022
The stock is trading @ 17459 levels
Let the prices go above 17940
There is a SUPPORT @ 16800 levels
There is a SPINNING TOP in Daily Chart
The prices are above EMA
Watch out for the price action
While looking at the chart of Abbott India, it does feel like the bottom has been made. keep a stop loss at 16,000 and go long with a target of 19,500. It is a fundamentally strong stock and hence, I do expect a bounce in this one.
Overview:
Abbott India has accomplished the impulsive wave 3, and the price is forming corrective wave 4. Price has occurred the sub-wave A. and Sub-wave B. Sub-wave C of 4th wave is in progress.
After completion of wave 4, the price will start its bull run.
Fibonacci relationship and wave Formations:
Wave ((1)) is a five-wave impulse.
Wave ((2)) retraced ...
We can expect at bounce back on the charts.
Price has corrected and touched 200 EMA
RSI taking support at 30 levels
Weak below : 17300 (SL)
Disclaimer: View for Education purpose only, not to be taken as a trading advice.
Abbott India looks very bullish and has made a new lifetime high. I expect 2x-3x in the next 4-5 years. Short term targets will be 20%-30% in the coming 3-4 months. Keep Stop Loss at Rs.18500
