Bullish potential detected for ABG

Entry conditions:
(i) higher share price for along with swing up of indicators such as DMI/RSI.

Depending on risk tolerance, the stop loss for the trade would be:
(i) a close below the 50 day moving average (currently $1.148), or
(ii) below previous resistance (now support) of $1.14 from the open of 28th March, or
(iii) below previous support of $1.09 from the open of 9th April / 14th January.

Trade active

UPDATE (week ending 23-May): Trade activated 8th May after being detected in weekly scans at the end of the week of 9th May, although it was noted that the activation day of 8th May was on low volume and the share price was tackling potential resistance against the open of 29th November 2024 (i.e.: $1.23). Ever since then, volume has still remained light and the share price has remained relatively flat and constrained within a channel as shown in the daily chart above. This represents a possible opportunity to obtain shares whilst remaining within this channel prior to a potential breakout - watch for volume increases which may indicate that this may occur and observe indicators such as DMI/ADX, RSI and OBV accordingly.

Note

UPDATE (week ending 30-May): Share price action remained constrained within the channel discussed in last week's note, with volume picking up as the share price tested the boundaries of the channel (the daily chart suggests watching for a break of the channel along with indicator changes - e.g.: DMI / RSI). The share price closed between the 10 and 30 day MA's at the end of the trading week, whilst forming an outside week.

Note

UPDATE (week ending 06-Jun): The odds of a breakdown to the downside increased towards the end of the week as Friday's trade slightly breached the channel discussed over the past couple of notes, however the support level of $1.18 from the open of 5th May remains intact, at present. The share price closed below both 10 and 30 day MA's at the end of the trading week, with the last week forming a down week.

Trade closed manually

UPDATE (week ending 13-Jun): The sideways churn within the channel continues, with yet another slight breach in the channel occurring this week, this time to the downside. No firm directional bias in place as yet - no harm in exiting the trade for a scratch trade should this capital be tying up capital. Coverage ceased.

Ivory_Wolf

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Ivory_Wolf

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