This analysis focuses on ABB India Ltd, where the stock is exhibiting a potential breakout from its recent consolidation phase, suggesting an upward move toward ₹9,130, which is 9.39% higher from the current level. The chart includes Fibonacci retracement levels, key trendlines, and technical indicators.
Key Highlights:
Current Price: ₹8,510.30
Fibonacci Retracement:
61.8% retracement level around ₹8,835 has been broken, which is a bullish sign.
Price is expected to reach the 100% retracement level at ₹9,130.75, indicating further upside potential.
Trendline Breakout
: The stock has broken out of a descending triangle, confirming a breakout, which is supported by increasing volume and momentum.
Technical Indicators:
RSI: Shows a gradual rise, indicating growing bullish momentum.
Moving Averages: The stock is well above its 50-day and 200-day moving averages, reinforcing the bullish trend.
Conclusion: With the breakout above the descending triangle and the stock holding above key Fibonacci levels, ABB India Ltd appears set for an upside move toward ₹9,130. Traders should watch for sustained volume and monitor support levels in case of pullbacks.
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