Following a gap-down opening on June 4, ABFRL entered a consolidation phase, trading within a well-defined supply and demand zone. This range-bound movement suggests a period of accumulation or indecision among market participants. During this consolidation, the stock has formed a double bottom pattern on the daily chart—a classical reversal structure that often indicates a potential shift from a downtrend to an uptrend, provided confirmation follows.
An inverted hammer appeared near the second bottom, signaling potential buying interest at lower levels. This was followed by a bullish pin bar, reinforcing the possibility of a short-term reversal. These candlestick formations, especially when occurring near support zones, can be interpreted as early signs of bullish momentum returning—though follow-through price action is essential.
If bullish momentum sustains than the stock may attempt to fill the gap left from the June 4 session. The gap resistance level is around ₹84, which could act as a near-term target for traders monitoring this setup.
Disclaimer: This analysis is for educational and informational purposes only. It does not constitute investment advice or a recommendation to buy, sell, or hold any security. Always conduct your own research or consult a licensed financial advisor before making investment decisions.
An inverted hammer appeared near the second bottom, signaling potential buying interest at lower levels. This was followed by a bullish pin bar, reinforcing the possibility of a short-term reversal. These candlestick formations, especially when occurring near support zones, can be interpreted as early signs of bullish momentum returning—though follow-through price action is essential.
If bullish momentum sustains than the stock may attempt to fill the gap left from the June 4 session. The gap resistance level is around ₹84, which could act as a near-term target for traders monitoring this setup.
Disclaimer: This analysis is for educational and informational purposes only. It does not constitute investment advice or a recommendation to buy, sell, or hold any security. Always conduct your own research or consult a licensed financial advisor before making investment decisions.
トレード終了: 利益確定目標に到達
Resistance reached. Trade closed. I will update the new idea once stock show bounce back signal.
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