Short term view - ABB LTD : The major support has been reached, it causes the bounce.
The trend is still bullish, the invalidation level is below CHF 20.94. The target is at CHF 25.00.Arguments :
- The major support has been reached, it causes the bounce.
- The resistance has been reached, it causes the fall.
- Prices are breaking above the moving average, it is a sign of strength.
- The bullish gap has been tested, the rally resumes.
ABB specializes in power and automation technologies. Co. provides a broad range of products, systems, solutions and services that are designed to boost industrial productivity, increase power grid reliability, and enhance energy efficiency. Co.'s automation businesses serve a full range of industries with process optimization, control, measurement and protection applications. Co.'s power businesses focus on power transmission, distribution and power-plant automation, and support electric, gas and water utilities, as well as industrial and commercial customers.
DayByDay is an independent research company providing global macro and single stock analysis, recommendation and allocation based purely on behavioural finance methods. Those include long term cycle analysis, sentiment analysis, and technical trigger. DayByDay serves all clients in need of practical and precise publications to make effective market decisions, on any time horizon, from a few hours to a few years.
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