AbbottIndia has broken upward from a triangle pattern and price is current at retest zone of previous resistance and falling trendline.
a 1:3.6 RR trade can be initiated
entry 17950- 910 ( flip reaction level)
target 19428 ( nearest supply zone)
sl 14478 ( close below the falling trendline)
17253 ema 21
19000 psychological and option barrier level
ABB has created a HH-HL structure with tiny flag channel at top under formation, pole length ~300 indicating very bullish target of new ATH on horizon.
key levels to watch
recent HL 2014
close resistance 2336
next supply zone 2400-2668
EMA 21 2220 could be reaction level
1. if market remains bearish then put can be sold below ema 21 as...
Welspun is approaching ATH levels that could act as resistance in short term however the bullish momentum will resume after a pullback to breakout level of 208.
view negates upon weekly closing above ATH and below 188 ( swing low)
as reliance crossed ATH with relative outperformance to nifty, a bearish divergence is spotted in RSI ahead of results.
not a short opinion but a caution to book profits and if any short develop then go for it.
SRF is in uptrend with price breaking out previous swing high with positive RS but it is done with a divergence on RSI so 2621 level on closing basis is now crucial to validate this breakout, if sustained long trade can be initiated else could correct upto 10 %.
weekly demand zone at 12962 provided a buying with a breach of 21 dema and last created supply area, thus confirmation of sustained buying from zone.
candlestick too form N reversal at demand.... a bullish sign.
The way forward:- it is in a weak supply zone with a small supply zone of 14590-14675 over head that may pushback to 21 dema for further rally to...
DXY is stuck in range 95.5-96.7 although making bullish structure and a possible inverted head and shoulder pattern with depth of 4 points eventually, if triggered, breaking the range for 100.
the trendline already faked out once could still act as a support for last time.
96.295 close above it means smaller range breakout then range shifts upward with...