“Falling Channel” Breakout Pattern
ABCAPITAL on the weekly chart has decisively broken out above the “Falling Channel” at 146 with strong bullish candle indicating a positive bias.
Stock holds above 38% Fibonacci 3 March, 2023• Stock holds above 38% Fibonacci Retracement of a rally from 85-162 placed at 132 forming a medium term support zone.
The breakout is accompanied with an increase in volume confirming participation at breakout level
The weekly strength indicator RSI is in bullish mode and weekly RSI crossover above its reference line generated a buy signal..
The above analysis indicates an upside of 170-177 levels.
Buy range 152-148 Stop loss: 140 Upside: 13% –18%
Stock holds above 38% Fibonacci 3 March, 2023• Stock holds above 38% Fibonacci Retracement of a rally from 85-162 placed at 132 forming a medium term support zone.
The breakout is accompanied with an increase in volume confirming participation at breakout level
The weekly strength indicator RSI is in bullish mode and weekly RSI crossover above its reference line generated a buy signal..
The above analysis indicates an upside of 170-177 levels.
Buy range 152-148 Stop loss: 140 Upside: 13% –18%
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