Australia's largest stock trading and investment forum Australia's #1 stock forum

ABC

Click for more information

0.00%

$3.19 adbri limited

true. as of Feb 22, still doesn't.

First 136 Last

Share
Profile

Follow
Lithos

902 Posts.

146

25/02/22

13:51

Post #: 59823974
Share

Originally posted by Greynomad73: ↑

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.

Expand

true. as of Feb 22, still doesn't.

ABC Price at posting: $3.29 Sentiment: None Disclosure: Not Held
Upvote

0 Great analysis

Reply

Top Stories

Pilot Energy awarded $6.5M in govt funding for Mid West Clean Energy Project

M4M

Macro Metals picks up 80% in Firebird's manganese plays; mining services operations to launch if decision to mine passed

DTM

Dart on-target for high-grade structures and multiple reefs at VIC's Rushworth

ARU

Arafura updates on total US$1B funding as export banks and lenders take notice; heading toward FID for Nolans

ITM

iTech Minerals flags high-grade rockchip finds, boasting one sample at +18% copper. What lies underground remains to be seen

There are more pages in this discussion • 10 more messages in this thread...

First 136 Last

Add ABC (ASX) to my watchlist

SPONSORED BY