ABC 0.00% $3.13 adbri limited

ABC

  1. 306 Posts.
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    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.
    https://hotcopper.com.au/data/attachments/1807/1807134-ea68d33d486f4602b81bdb9152459d9f.jpg
 
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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
Last trade - 16.10pm 29/03/2024 (20 minute delay) ?
Last
$3.13
  Change
0.000 ( 0.16 %)
Open High Low Volume
$3.13 $3.14 $3.12 1461772
Last updated 15.58pm 29/03/2024 ?
ABC (ASX) Chart
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