ABBOTT INDIA LTDLong
ABBOTTINDIA - Strong breakout
ABBOTTINDIA – seems to have completed its 170-day basing pattern (from the time it breached its 200 DMA during Jan 2022) as it broke out from a 42-day tight consolidation on about 3 times the average volume. The consolidation breakout is also a strong breakout simultaneously above its 200 DMA, and the AVWAP from its all-time high during early Oct 2021.
Since mid-May 2019 (when a new rally started after a 250-day consolidation) the AVWAP has been acting as a strong support, including for the current consolidation. Also, during the entire consolidation time RSI has not breached its bull support zone of 40-35 (Pl. check pink up arrows on RSI). As the price breakout happened, RSI breached its bear resistance zone of 60-65 and moved into the bull territory, and since May 2022 it has been outperforming the NIFTY-500 index. 19600 level is looking to be the immediate resistance.
Fundamentally also, the stock has good EPS and EPS growth over the last 5 years as well the last 5 quarters including rising annual and quarterly sales. It is a debt free company though promoter share is about 75%.
Disclosure: No recommendations. Only personal analysis.
Since mid-May 2019 (when a new rally started after a 250-day consolidation) the AVWAP has been acting as a strong support, including for the current consolidation. Also, during the entire consolidation time RSI has not breached its bull support zone of 40-35 (Pl. check pink up arrows on RSI). As the price breakout happened, RSI breached its bear resistance zone of 60-65 and moved into the bull territory, and since May 2022 it has been outperforming the NIFTY-500 index. 19600 level is looking to be the immediate resistance.
Fundamentally also, the stock has good EPS and EPS growth over the last 5 years as well the last 5 quarters including rising annual and quarterly sales. It is a debt free company though promoter share is about 75%.
Disclosure: No recommendations. Only personal analysis.
Raju KMS Datla
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