Bounce from Support with Consolidation BO:
- Stock resting at 50 DEMA but below 20 DEMA
- Volatility compressing ready to BO
- Bias is Long
- Note: The colorful lines in the chart are Anchored VWAPs (from range top candle, new range breakout candle, march bottom candle)
Buy Now for better Risk/Reward or wait to Buy above 17,050
Target @ 17,900 - 18,000 range....
Moving in a channel for past 1 month.
Reversing from long term trendline resistance.
Keep a watch for break on either side.
Disclaimer: Kindly do your own analysis before executing the trade
ABBOTINDIA is in flag consolidation range, once it give breakout. it may go up. that too it is trading near support trendline. breakout at support trend line gives further rally. if it breaks down it may fall upto 16400. upside it can go upto 19000
Stock making 52-week/ATH and then it is bound to correct and take support near 20EMA/SMA or worst case at 50EMA/SMA.
The candlesticks are showing the loss in volatility and stock is taking the support. Once the bullish candlestick pattern is observed near the support one can take the position with a stop below 20EMA or previous swing low.
if ABBOTINDIA opens gap up it is will rally to previous highs. if it closes below 16349 on daily chart. it will fall further. more over pole flag pattern also seen on daily chart.
Unusual VOL Activity Observed.
Stock recovered
Appears to have no effect of COVID19
Need further analysis
trendlyne.com
www1.nseindia.com
www.bseindia.com
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Abbot is having negative divergence with RSI, it may fall from here but the trend is upwards. Buy it in installments, support at 11,508 and 11,167. Acquire it up to fall to about 11,000. Keep stop loss below 11,429.
