ABB is of interest because fundamental analysis says it could reach SEK 244,-
However, at the moment it doesn't seem to have enough power to break through the overhead resistance just yet.
On the 4h chart we have clear divergence between the price action and the RSI, AND we have declining volume. All indicators of a unsustainable trend. In the process it seems to be forming a bearish rising wedge as well.
So price should retest support below (190-193) and fill the gap at 196 in the process.
Then the longer term upward trendline will provide support as well, hopefully giving ABB enough power to break the resistance at the next try.
However, at the moment it doesn't seem to have enough power to break through the overhead resistance just yet.
On the 4h chart we have clear divergence between the price action and the RSI, AND we have declining volume. All indicators of a unsustainable trend. In the process it seems to be forming a bearish rising wedge as well.
So price should retest support below (190-193) and fill the gap at 196 in the process.
Then the longer term upward trendline will provide support as well, hopefully giving ABB enough power to break the resistance at the next try.
