AbaCore Capital (#ABA) Jumps By 52% in 2 Weeks!
Abacore Capital Holdings, Inc. (#ABA) has jumped by roughly 52% in just 2 weeks since it reversed from an interim bullish reversal in the form of a double bottom last June 14. After reaching a Php1.11, buying activities on the stock have cooled, leading it to consolidate within a tight range just above the Php1.00 handle. Technically, the stock appears to be forming a bullish pennant formation. Should the stock break above its Php1.10 resistance on good supportive volume, then it may be able to extend its run-up and head towards its next resistance at Php1.18 to Php1.26. Note, though, that a tight stop under its 10-day moving average must be used as a fall below Php1.00 may instead bring it back to around its prior resistance of Php0.86.
ABA write-up from the Trading Edge Equity Advisor:
June 27, 2019
In our Equity Advisor issue last June 16, we noted that AbaCore Capital Holdings, Inc. (ABA) would mark a new up leg and reach for Php0.86 given its breakout from an interim double bottom. As you can see from its chart, the stock has indeed achieved the mentioned goal and more. Moving forward, ABA may actually extend its ascent following its recent move past its previous resistance at Php0.86. Such may then lift it to its psychological resistance at Php1.00. A break past Php1.00 may then send it to around Php1.18. Strategy: Place a trailing stop under Php0.86 and continue to trail it with a 21-day MA or a 10-day MA.
ABA write-up from the Trading Edge Equity Advisor:
June 16, 2019
Any near term pull back on AbaCore Capital Holdings, Inc. (ABA) may be taken as a window to pick up the stock. As you can see from its chart, the stock has just broken out from double bottom formation on good supportive volume. Check that a breakout from a double bottom can also be seen in its RSI. Additionally, the said price break has also led the stock to fill a previous bearish gap. Having said these, the stock may then reach for its next resistance around the Php0.80 to Php0.86 area. Note, though, that a stop loss must be placed under Php0.68.
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