ABB faces resistance at 880-885: Mithil Pradhan

ET Now spoke to Mithil Pradhan, Market Analyst, on his views on stocks.

ET Now: ABB has come up from lows but can it go further?

Mithil Pradhan: If you go past a few weeks from here, ABB was at the current level. It sold off to about 670 odd levels. From there, it had a one-day massive rally, which took it again up to 830-840 levels.

The next resistance that ABB has is around 880-885 levels, which is the neckline of an inverse head and shoulders pattern. Inverse head and shoulders pattern is actually a bullish pattern. In case if it breaks the 880-885, I feel that as per my trading methods, this level should be broken more sooner than later, so I hope it keeps LIC happy.