AIA has been trading in a descending channel for a couple of months – probably an Elliott Wave 4 I expect. It has broken out of that retracement and if that is into a Wave 5 it should take price back to at least the previous high of $9.45 but depending on how long it takes to get there the top of the long term channel suggests a peak closer to $10.
I bought in earlier when I thought price might break $8.70 but it didn’t and bounced off the resistance level to come back and test it again this week. Today it broke and closed above that level with volume so I have an initial short term target of $9.10, and as a short term trader I will probably take profit at that level.
There’s a time line around the 14th November and as this stock seems to respond to time lines I’d expect to see some reversal around that time - and that may coincide with price reaching my target (hopefully).
As mentioned in another post I’m a newcomer to HC and looking at the threads on this forum it seems the principle interest of members is low value stocks. For what it is worth I think buying cheapies looking for the big hit is a false economy. Nice when it comes off but I sleep easier trading stocks with good volume and value north of $0.10.
AIA
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Last
$6.93 |
Change
-0.020(0.29%) |
Mkt cap ! $10.25B |
Open | High | Low | Value | Volume |
$6.90 | $6.96 | $6.88 | $2.373M | 342.7K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 3793 | $6.92 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$6.95 | 2498 | 1 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 3793 | 6.920 |
3 | 4317 | 6.910 |
1 | 2498 | 6.900 |
1 | 1000 | 6.880 |
1 | 152 | 6.870 |
Price($) | Vol. | No. |
---|---|---|
6.950 | 2498 | 1 |
6.960 | 6099 | 4 |
6.970 | 2498 | 1 |
7.000 | 1408 | 2 |
7.020 | 700 | 1 |
Last trade - 16.10pm 02/09/2024 (20 minute delay) ? |
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AIA (ASX) Chart |