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
$3.19 |
Change
0.000(0.00%) |
Mkt cap ! $2.087B |
Open | High | Low | Value | Volume |
$3.19 | $3.19 | $3.18 | $371.8K | 116.7K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
27 | 7151074 | $3.18 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$3.19 | 1314056 | 54 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
27 | 7151074 | 3.180 |
12 | 1403961 | 3.170 |
3 | 151600 | 3.160 |
3 | 7299 | 3.140 |
3 | 355045 | 3.120 |
Price($) | Vol. | No. |
---|---|---|
3.190 | 1303316 | 48 |
3.200 | 270633 | 27 |
3.210 | 25186 | 8 |
3.220 | 4520 | 4 |
3.230 | 85 | 1 |
Last trade - 11.51am 06/06/2024 (20 minute delay) ? |
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Last
$3.19 |
  |
Change
0.000 ( 0.02 %) |
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Open | High | Low | Volume | ||
$3.19 | $3.19 | $3.19 | 5301749 | ||
Last updated 12.12pm 06/06/2024 ? |
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ABC (ASX) Chart |
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