I view,
ABU as sitting right on support at the moment and needs to sit above the 3.9 mark during the week and also close above 3.9 for the weekly close.
It has been spoken about before, and that is the 'long term up trend line' was about to meet the long term down trend line.
Therefor the price action on all three charts, (daily. weekly and monthly) have breached the up trend line. (better option would have been to break up, not down and break the downtrend line)
3.9 seems rather significant now, as the daily chart has seen 8 closes at this level since 19/12.
The weekly chart has had 3 closes of 3.9 since week 24/12 - 28/12
the daily chart has seen 4 macd crosses since 20/11 but not once has it moved into positive territory as the price has been falling.
ABU needs to finish the week above 3.9 cents, to show strength for a possible change of trend.
If it doesnt, there is strong chance of further significant downside before any reversal.
Cheers
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