As I finished off yesterday I indicated that ABS could be sold off yesterday towards the close and if the US was off last night could head down to ABS's 50% level of the last range up. Which is $1.375 it has hit this level this morning or has hit $1.38 and bounced off this level.
I would not be getting in or back in just yet I would wait until there is some definite direction given to us by the market. It is forming what they call an ABC trade and you would look to get back in on the first break above the top of say todays bar tomorrow or if todays bar forms a key reversal at the close you would look to get in on the close.
ABS
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