Continuation of bearish trend in ABB
Zaktualizowano
ABB looks like it might correct again. A 6% downside move from the current level looks quite plausible. The move will result in the stock price correcting towards the 200 day EMA, which is regarded as a strong support level. The risk is very small, though there is a chance of a whiplash, similar to Federal Bank.
Feb 4200 PE is trading at 46.3. I won't be surprised if, during the correction, it crosses 100 and goes to 110. The risk would be slightly high, about Rs. 18 or about 40% on the downside, though it is reasonable for a trade with a reward of more than 100%(More than 1:2 Risk to reward ratio).
Exercise caution before taking any trades. This is just for educational purposes. I may act on my analysis and may have a personal interest, though, at the time of posting this, I have no open positions in ABB. Consult with your financial advisor before taking any trades.
Feb 4200 PE is trading at 46.3. I won't be surprised if, during the correction, it crosses 100 and goes to 110. The risk would be slightly high, about Rs. 18 or about 40% on the downside, though it is reasonable for a trade with a reward of more than 100%(More than 1:2 Risk to reward ratio).
Exercise caution before taking any trades. This is just for educational purposes. I may act on my analysis and may have a personal interest, though, at the time of posting this, I have no open positions in ABB. Consult with your financial advisor before taking any trades.
Transakcja zakończona: osiągnięto poziom stop
Well, I was very wrong about the direction. Part of trading. I will post a good long term investment stock for my next analysis.
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