ABB has moved up impulsively, made a nice corrective structure in the form of a Flat (ABC). I think that the wave C of the Flat pattern is done and now it will head in the upside direction, as a continuation. A retest of the the previous highs is possible.
We are looking at close to 60-65% kind of price move in the current setup.
Low risk and good reward...
A complete 1->2->3 wave pattern can be made on ABB ..
.use simple strategy to make money...
Trendline has been drawn once candle(Green candle) breaks the trendline --> following the MFI breakout
take trade
entry price === >> green candle ( high - low ) /2 + high
exit price ==>> 1R --> 2R as targets : R = risk --> nearest swing low
advance traders can...
Price coming back to Daily Demand Zone of 1295 - 1321, which is also a past resistance still acting as a good support.
Buying Zone - 1295 to 1321, SL-1273
De-risk the trade at 1367
Target 1- 1450
Target 2 - 1550 +
Crossing and closing above 1370 is crucial for further upmove.
For ABB India Ltd. stock, 1000 is solid support. We will be salivating to grab some at that level. Between 2009 and 2013, it spent most of the time between 500 points wide boundary of 400 - 900 and now if it wants to do the same between 1000 and 1500 then a pullback lower will be a good chance to trade it from buy side.
Buying the stock in a band of 800 - 1000...
