The chart shows a very strong resistance in the area of $27, but at the same time we have a very strong uptrend, which was only recently confirmed. I'm planning to buy a little now and close the first part in the area of $27. I'll leave half in case if resistance is broken.
ABB Limited provides power and automation technologies. The Company operates under segments that include power products, power systems, automation products, process automation, and robotics.
although this company is above my $10. nonetheless, this zone is well nested and willing to go short
Time for a bit a of Divergency Trading.
ABB shows a bearish divergence in price and MACD.
A divergence is a powerful pattern that means in case of ABB while prices went up, MACD only reached a shallower high creating a bearish divergence.
A pull back of prices into the zone between EMAs 13 && 26 bars could happen here.
Support becomes Resistance (Red Arrows= Resistance) (Blue Arrows= Support)
From left to right pay attention to the 2011-06-20 (Resistance), 2014-01-20 (Resistance) 2018-01-01 (Failed Resistance Breakout)
And strong drop, which also contributed to the breaking of the bull trend line
Now, the idea is for a short seller, swing trader but now need to wait for a...
Structure is developing in a complex way. What I see is we're in process of a larger degree b wave. The Internal looks like it's either a flat or a triangle for another push up. Lets see how this one plays out
This is one I'll be watching. I like the retest gap bouncing right off resistance. Will consider a bearish trade based on the location of the gap and the distance to the EMA's. I think either the black line or the orange line are the two most likely scenarios. Hoping for the Black line and will look for a reversal signal.