ABB India shares rose nearly 4% on April 25, rising for a second straight session after finding support of around Rs 3,140. The stock closed at Rs 3,336 and formed a long bullish candlestick pattern on the daily chart with another day of higher highs and higher lows.
Following Tuesday’s move, the stock climbed decisively above its 50-day SMA (Exponential Moving Average – Rs 3,225) and 21-day SMA (Rs 3,268). It is already trading above the 100-day and 200-day EMAs, which is a positive sign.
In the previous session, ABB India formed a decisive narrow range break with a bullish candle, extending the uptrend with above-average volume.
The momentum indicator RSI (Relative Strength Index) is already crossing positively on the daily and weekly charts, while the MACD (Moving Average Convergence Divergence) is well above the zero line, crossing positively on the weekly chart but showing an upside below the moving daily line is the zero line.