AIA has been trading in a descending channel for a couple of months – probably an Elliott Wave 4 I expect. It has broken out of that retracement and if that is into a Wave 5 it should take price back to at least the previous high of $9.45 but depending on how long it takes to get there the top of the long term channel suggests a peak closer to $10.
I bought in earlier when I thought price might break $8.70 but it didn’t and bounced off the resistance level to come back and test it again this week. Today it broke and closed above that level with volume so I have an initial short term target of $9.10, and as a short term trader I will probably take profit at that level.
There’s a time line around the 14th November and as this stock seems to respond to time lines I’d expect to see some reversal around that time - and that may coincide with price reaching my target (hopefully).
As mentioned in another post I’m a newcomer to HC and looking at the threads on this forum it seems the principle interest of members is low value stocks. For what it is worth I think buying cheapies looking for the big hit is a false economy. Nice when it comes off but I sleep easier trading stocks with good volume and value north of $0.10.
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Last
$6.76 |
Change
-0.050(0.73%) |
Mkt cap ! $10.00B |
Open | High | Low | Value | Volume |
$6.82 | $6.84 | $6.76 | $5.818M | 856.8K |
Buyers (Bids)
No. | Vol. | Price($) |
---|---|---|
3 | 4511 | $6.76 |
Sellers (Offers)
Price($) | Vol. | No. |
---|---|---|
$6.81 | 4626 | 3 |
View Market Depth
No. | Vol. | Price($) |
---|---|---|
2 | 700 | 6.750 |
2 | 1500 | 6.720 |
1 | 2875 | 6.710 |
3 | 3000 | 6.700 |
2 | 1500 | 6.690 |
Price($) | Vol. | No. |
---|---|---|
6.970 | 700 | 1 |
6.990 | 950 | 1 |
7.000 | 9000 | 1 |
7.020 | 14489 | 3 |
7.050 | 225 | 1 |
Last trade - 16.10pm 26/07/2024 (20 minute delay) ? |
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AIA (ASX) Chart |