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,.