A chap I do some contract compliance work for said he thought ABC was a good buy because it had been sold off and the building industry's prospects were looking up. I did a quick analysis for him and thought I might as well drop it on HC as well.
I had a look at ABC and it could be a good buy. It broke down out of a rising channel last April – first time for a decade (read -not good!) but see how it has fallen exactly to the red line under the stock’s lowest prices (long term support line). This also coincides with a resistance level so it may arrest the fall. Price has risen a little over 5 weeks and on the weekly chart today made a higher high, preceded by a higher low (a buy signal). Price also made a double bottom recently, something which predicts a very strong rise in price. Stock is still in a formal downtrend so (for me) a buy would be premature. Ideally, I’d like to see price rise above $3.365 to think it was going to keep going and not fall back through the support. ABC also makes me nervous because it is one of only a few liquid stocks that doesn’t make a definable Elliott Wave pattern – something I rely on to tell me where a stock is in its price cycle.
ABC
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Last
$3.13 |
Change
0.000(0.00%) |
Mkt cap ! $2.047B |
Open | High | Low | Value | Volume |
$3.13 | $3.14 | $3.12 | $9.753M | 3.116M |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
4 | 1869815 | $3.12 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$3.14 | 150523 | 13 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
4 | 1869815 | 3.120 |
1 | 250000 | 3.110 |
1 | 1000 | 3.080 |
1 | 14898 | 3.060 |
1 | 3000 | 3.030 |
Price($) | Vol. | No. |
---|---|---|
3.140 | 150523 | 13 |
3.150 | 345748 | 22 |
3.160 | 44882 | 8 |
3.170 | 78157 | 8 |
3.180 | 49694 | 6 |
Last trade - 16.10pm 29/03/2024 (20 minute delay) ? |
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Last
$3.13 |
  |
Change
0.000 ( 0.16 %) |
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Open | High | Low | Volume | ||
$3.13 | $3.14 | $3.12 | 1461772 | ||
Last updated 15.58pm 29/03/2024 ? |
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ABC (ASX) Chart |