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.
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Last
$3.16 |
Change
0.000(0.00%) |
Mkt cap ! $2.067B |
Open | High | Low | Value | Volume |
$3.16 | $3.17 | $3.16 | $738.2K | 233.0K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
7 | 1631697 | $3.16 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$3.17 | 46530 | 10 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
6 | 1630697 | 3.160 |
18 | 5609360 | 3.150 |
3 | 6207 | 3.140 |
1 | 353445 | 3.120 |
2 | 7699 | 3.100 |
Price($) | Vol. | No. |
---|---|---|
3.170 | 46530 | 10 |
3.180 | 189132 | 21 |
3.190 | 26773 | 8 |
3.200 | 115374 | 13 |
3.210 | 10450 | 3 |
Last trade - 16.10pm 07/05/2024 (20 minute delay) ? |
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Last
$3.17 |
  |
Change
0.000 ( 0.06 %) |
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Open | High | Low | Volume | ||
$3.17 | $3.17 | $3.17 | 68976 | ||
Last updated 15.58pm 07/05/2024 ? |
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Peter Batten, MD
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