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
$7.04 |
Change
-0.100(1.40%) |
Mkt cap ! $10.40B |
Open | High | Low | Value | Volume |
$7.07 | $7.09 | $6.98 | $4.408M | 627.6K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
2 | 5054 | $7.02 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$7.05 | 5561 | 4 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
1 | 2233 | 6.990 |
4 | 7266 | 6.980 |
1 | 2233 | 6.970 |
1 | 15 | 6.960 |
1 | 400 | 6.950 |
Price($) | Vol. | No. |
---|---|---|
7.050 | 2328 | 2 |
7.060 | 9068 | 6 |
7.070 | 2233 | 1 |
7.100 | 8710 | 2 |
7.140 | 12 | 1 |
Last trade - 16.10pm 27/06/2024 (20 minute delay) ? |
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AIA (ASX) Chart |