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
Abbott has corrected quite a bit from its high and now stock is showing signs of reversals with strong base formation at lower levels with huge volume. Rsi shifting its range from bearish to neutral territory. The stock once crosses its 200 EMA should trade higher. Watch out
#ABBOTINDIA
Managed weekly close 17380 abv prev week close
This is the level from which stock also BO in Jun-21 before topping out at 24000.
Stock has got support at15900 over last 5 weeks.
Reverse candleshunting can take place
Entry - 17300
Tgt - 19600
Stoploss - 16000 ( weekly cl)
Risk: Reward - 1: 1.8
Return - 13%
Duration - 10 weeks
ABBOTINDIA
has been corrected from higher levels since October.
Has been trading in a particular range called Falling Wedge pattern
Now Seeing recent Volume, seems Uptrend will start after breakout level of 17100
Can enter above levels of 17100, it is a breakout level can be enter on closing basis
With SL of 16600 on a closing basis, for targets of...
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.
Go Long above 16900.1 for Targets of 18286.2, 19672.3, and 22444.5 with SL 15514
Reasons to go Long :
1. On a Weekly timeframe if we draw the Fibonacci retracement tool from recent swing low (point A) to recent swing high (point B) then we see stock took support from 0.382 Fibonacci level.
2. In addition to this a bullish candlestick pattern Bullish Engulfing...
ABOTT INDIA nice triangle pattern is formed
tradeing plan for monday
case 1}if it opened below our trend line i.e,below 15951, we can sell it on opening by keeping sell below 0.5 points of opening price with sl of 16135,vice versa for buy side sl can keep below trendline
case 2}if it opens in between and then break down happens,can sell below .05points of...
DISCLOSURE
This is only for educational purpose
This is not a recommendation
I am not SEBI registered
Do not TRADE/INVEST basis what I publish here
I am not responsible for your loss or gain
It is prudent to assume that I have ulterior motives in publish this
I and my clients might or might not have a position, I and my clients might or might not have a opposite position
DISCLOSURE
This is only for educational purpose
This is not a recommendation
I am not SEBI registered
Do not TRADE/INVEST basis what I publish here
I am not responsible for your loss or gain
It is prudent to assume that I have ulterior motives in publish this
I and my clients might or might not have a position, I and my clients might or might not have a opposite position
Abbot India is retracing back to 20 SMA and is good point to enter { before entry do watch out for price action at hourly or 2 hourly chart}. As per my analysis its at good support zone with stop loss of 1%( below 20 sma)can give you 12 to 15 % return for swing trade. If you want to keep for longer period you definitely can but do watch out the price action at the...
