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Friday, April 18, 2008

Companhia De Bebidas Das Americas - Ambev (ABV) Technical Analysis

Today we'll analyze the Stock ABV for online market trading,
Technical indicators to notice:
1- Last bearish trend was from 79.18$ (04/10/08) to 76.44$ (04/11/08) a 2.74$ move
2- The current bullish trend started from 76.44$ at 04/11/08 and is currently trading at 79.70$.

3- The stock current support level is at 79.18 which is the 100.00% fibonacci retracement of the last 2.74$ move.
4- The stock current resistance level is at 79.93 which is the 127.20% fibonacci retracement of the last 2.74$ move.
5- According to ADX, the trend is currently bullish, which is getting stronger.
Short term chart patterns :

6- The Stock formed Double Bottom Pattern at 76.44.
7- The Stock formed Double Top Pattern at 79.18 that failed, and formed a support .
8- The Stock formed a 2.71$ height triangle which was broken up at 79.7, target of the pattern is 82.41.
Mid term chart patterns :

9- The Stock formed Double Bottom Pattern at 74.47.
10- The Stock formed a 12.15$ height triangle which was broken up at 78.16, target of the pattern is 90.31.
Long term chart patterns :

None.

Conclusion:
ABV was trading in a bullish wave, which is becoming stronger .
Technical indicators and chart patterns show bullish direction,
recommend stopping short positions or entering long position or bullish spread options strategy .

Resistance Levels: 79.93, 80.87, 82.41, 90.31.
Support Levels: 79.18, 79.04, 78.93, 78.45, 78.13, 78.07, 77.81, 77.69, 77.49, 77.09, 76.44, 76.24, 75.02, 74.18, 72.44, 43.88, 42.32, 41.12,.


That's all for today ... thanks for reading the post,
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have a nice day,

Shadi
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We Moved!!!

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you can also subscribe to its RSS feeds or newsletter to get updated when new analysis is posted
GO ahead and click in!read the latest technical analyis of all the TSX, NYSE, NASDAQ, AMEX stocks and find
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enjoy
Shadi