Today we'll analyze the Stock ABH for online market trading,
Technical indicators to notice:
1- Last bullish trend was from 11.85$ (04/09/08) to 12.73$ (04/10/08) a 0.88$ move
2- The current bearish trend started from 12.73$ at 04/10/08 and is currently trading at 11.68$.
3- The stock current support level is at 11.61 which is the 127.20% fibonacci retracement of the last 0.88$ move.
4- The stock current resistance level is at 11.85 which is the 100.00% fibonacci retracement of the last 0.88$ move.
5- According to ADX, the trend is currently bearish,which is becoming weaker.
Short term chart patterns :
6- The Stock formed a 7.4$ height triangle which was broken down at 12.4 in higher than usual volume, target of the pattern is 5.
Mid term chart patterns :
7- The Stock formed a 7.4$ height triangle which was broken down at 12.4 in higher than usual volume, target of the pattern is 5.
Long term chart patterns :
None.
Conclusion:
ABH was trading in a bearish wave, which is becoming weaker .
Technical indicators and chart patterns show bearish direction,
recommend hedging long positions or entering short position or bearish spread options strategy .
Resistance Levels: 11.85, 11.93, 12.08, 12.19, 12.20, 12.29, 12.33, 12.39, 12.52, 12.73, 13.57,.
Support Levels: 11.61, 11.31, 5.00,.
Thursday, April 17, 2008
ABITIBIBOWATER INC (ABH) Technical Analysis
That's all for today ... thanks for reading the post,
come back soon for more updates,
use the search to lookup for more interesting stocks you might be interested in,
feel free to leave your comments on the post, or contact me
enjoy your online market trading!!
have a nice day,
Shadi
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