Aditya Birla Fashion looks bullish.After a single day massive fall ABFRL rebounded by touching 55 day ema. This comes after breakthrough from a decisive last swing high. The stock is backed with huge deliveries on upward movements and low deliveries at downward. Time to accumulate after each fall for mid to long term swings.
ABFRL trade ideas
ABFRL [Intraday] Short BetSell if breaks the candle low
Note :-
Entry - At the break of mentioned candle's low/high
Stop Loss -
In a Short Trade, I always use Previous Candle High ( PCH ) as a stop loss while entering the trade. Sometime I might use smaller tf SL & trade in 15M or 30M tf which I'll mention. Vice Versa for long trades
Trailing Stop Loss ( TSL ) - Mostly I trail stop loss by PCH as price falls . I exit as PCH breaks & vice versa
Use of PSAR indicator as TSL :- TSL get's hit in trend following due to noise, In such cases I use PSAR to be in trend & exit if PSAR direction change ( PSAR : Parabolic Stop n reverse )
You can use any one of above mentioned or your own way to manage risk
Time Frame :- I take ~ 90% of my intraday trades in 15m tf. Where my analysis might come from higher frames like W , D or 1hr chart pattern which will be mentioned.
Target :- I do set target line based on support / resistance slightly above/ below it . Please pay attention to it
Buy ABFRLA Symmetric Triangle formation has occurred on the weekly charts.
Above average high volume on breakout.
Also price has been in an expanding formation since 11th May 2020.
Price objective as per Triangle formation comes to 382.9
Other near term price targets are shown by green horizontal lines
Rising ADX line + Bullish MACD crossover on weekly charts further confirm the bullish trend
Stop Loss can be kept at 184.3
Risk/Reward Ratio is 4.35
ABFRL ::: BULLISHDATE: 30 MAY 2021
INSTRUMENT: ADITYA BIRLA FASHION AND RETAIL LTD.
TREND: BUY
TIME FRAME: DAY
CMP: 191.05
BUY ABOVE: 195
STOP LOSS: 189
TGT 01: 201
TGT 02: 216
TGT 03: 224
DISCLAIMER:
We are not S E B I registered analysts.
Please consult your personal financial advisor before investing. We are not responsible for your profits/losses whatsoever.
Leave a comment that is helpful or encouraging.
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ADITYA BIRLA FASION AND RETAIL LIMITED :: BULLISHDATE: 23/5/2021
INSTRUMENT: ABFRL
TREND: BUY
TIME FRAME: DAY
CMP: 188.50
BUY ABOVE: 190
STOP LOSS: 180
TGT 01: 205
TGT 02: 220
DISCLAIMER:
We are not S E B I registered analysts. Please consult your personal financial advisor before investing. We are not responsible for your profits/losses whatsoever.
ABFRL - ASCENDING CHANNEL - Retesting the breakoutThe above analysis is done purely on basis of Price Action & Chart Patterns.
The analysis is done on daily TF hence price may take few days to few weeks in order to reach the targets
Logic, Entry range, SL are shown in image itself.
For target refer this image -
The above analysis is purely for educational purpose. Traders must do their own study before entering into any trade. Traders must trade as per their own risk taking capacity and money management.
Feel Free to comment for any query or suggestion regarding this stock or Price Action Analysis.
Checkout my other ideas to understand how one can earn from stock markets with simple trade setups.
Chart Study- ABFRL, BHEL, ITC, EDELWEISS, INFRATEL, BOSCHLTDThe analysis done below is purely based on price action & chart patterns.
Double Bottom (W) Pattern is a popular chart pattern in price action trading.
In ABFRL chart (Daily TF) that I have shared here, traders can note that the second bottom is formed above the first bottom. (same is described with help of small image in the chart)
In such cases where the second bottom is formed above the first bottom, the price usually breaks the next resistance level which is above the starting point of "W" pattern. (for clarity, refer the W pattern drawn in the box).
Same has happened in ABFRL twice.
I have observed similar patterns in formation in following stocks -
(1) ITC
(2) INFRATEL
(3) EDELWEISS
(4) BHEL
(5) BOSCH
Weekly Charts of above stocks are posted here with potential targets.
Traders can enter into the trade as per their own setup & risk management.
Also, pls comment the name of any other stock which is forming similar pattern.