Abbott India - Potential Breakout Setup

Observations:

1. Ascending Trendline Support:

• Price is forming higher lows, respecting the green ascending trendline, indicating bullish momentum.
  
• The trendline acts as a dynamic support zone.
  

2. Consolidation Zone:

• Price is consolidating just below a key resistance zone around ₹28,165–₹28,200.
  
• A breakout above this level could lead to a strong upward move.
  

3. RSI Bullish Divergence:

• RSI has made higher lows while the price made similar lows, indicating weakening bearish momentum.
  
• RSI currently holds above the 50 level, supporting bullish sentiment.
  

4. Volume Profile:

• Volume near the trendline support has shown spikes, suggesting buying interest.
  
• Reduced volume during consolidation indicates potential accumulation before a breakout.
  

Confirmation Checklist:

1. Watch for a bullish candlestick breakout above resistance.
   
2. Ensure breakout is accompanied by increased volume.
   
3. Confirm strength in RSI (above 60-70) levels