Hello traders, this stock has been in my watchlist for a long time now, but for me it's not tradeable right now until and unless it it triggers one of the 2 possible scenario above.
Scenario 1
It completes the double top pattern:
In this case it will go to the bottom of the long existing channel.
Risk reward will be 1:4
200 MA cluster can also act...
Pantaloons Fashion & Retail Limited is a lifestyle apparel company. The Company operates in three segments: Men's wear, Women's wear and Kids Wear.
Breakout of W pattern also restressed and go for big goal also given previous high second time. now time to achieve target.
CMP: 314.30
Target: 338
Buy above: 315
Feel free to share your feedback and queries.
If...
NSE:ABFRL
Observations:
1) On 1 day time, we can see now it is near major range of 305-310.
Breakout of this range will lead it to good up move.
If it faces resistance from it then we will see down fall.
Please refer below chart : 1day Time Frame.
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Trade Setup for 17-01-2022...
Keep an eye out for a breakout above 310
Please do your own analysis before making any decisions and also let me know if I missed something.
Let's learn together.
ABFRL under triangular flag , try to buy this stock when it bounce back from support trend line showing in the chart with good volume . After having squeezing behaviour it is going to break from the above trend line for good targets. (New high)
1. A major trend line breakout happend 6 weeks back, after that continuously in a strong uptrend.
2. On 2nd November it breaks its all time high of 281.35 and closed at 288.10 with a strong bullish candle of 6.23%.
3. Today stock pickups the momentum after the successful retest over the level of 281.25
Details :
Buy range : 296-306
Stoploss : 275
Target : 396...
NSE:ABFRL
breaking out from long channel channel.
still awaits for best entry
if breaks 1st OCT high then it would be aggressive entry .
but suggest some pattern to form on hourly TF.
[ diwali is also on the door ;)]
keep on watchlist.
#the_pravin #simplepriceaction #notoindicator #nakedchart #swingtrading
Buy only if the stock breaks the parallel channel and closes on the weekly chart.
FOLLOW this account for more such updates ahead
Till then,
Happy Trading :)
![ABFRL: Simple Trade Setup | ABFRL | 17-01-2022 [INTRADAY]](https://s3.tradingview.com/d/deYDnwks_mid.png "Simple Trade Setup | ABFRL | 17-01-2022 [INTRADAY]")
