ABAN is a favorite with the traders and intra-day players also have a liking to it. Below are the hourly and the daily chart of ABAN for some quick analysis. Technically ABAN is in bearish mode considering the fact that it is trading below its key moving averages in both the daily and the hourly time frames!
From the hourly chart above (Left), we can see that the price has retraced 61.8% of the recent fall, but failed to hold onto the gains, making 1230 an important resistance on the hourly timeframe! The daily chart (right) is a clear picture on how confused things are with this one- TRIANGLE! It’s a simple rule that either break of 1250 or 1190, will decide the direction of the trade. Conservative stops in both the scenarios becomes 1190 for longs and 1250 for shorts, whereas aggressive stops can be placed at 1225/30 (avg price for last 10 days 1227!) for initiating trades on either side!
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