ABCB setting up again and nearing an advanced pivot
ABCB is closing in on an advanced pivot that is clearly visible on both the daily and the weekly charts. When pivots are visible on multiple time frames they stand a better chance at working.
Here's the setup...
SETUP: 2nd stage flat base
Classic Pivot: 47.70
Advanced Pivot: 45.15
Support: 42.75 and rising 50dma/10wk line
**note** 50dma and 10wk line is catching up to support at 42.75 which should help make that level more reliable.
RS line is below the 30 period moving average which is slightly troubling BUT if ABCB is able to rally, we'll likely see the RS line breakout as well.
**other points** take a look at the weekly chart. The week of 12/19 (the 2nd down week in the base) was a positive reversal off the 42.75 support level. It came on high weekly volume and price closed high in the weekly range. This is a good sign of support.
ABCB is another idea discovered from our scanner ChartYourTrade MRI.
Here's the setup...
SETUP: 2nd stage flat base
Classic Pivot: 47.70
Advanced Pivot: 45.15
Support: 42.75 and rising 50dma/10wk line
**note** 50dma and 10wk line is catching up to support at 42.75 which should help make that level more reliable.
RS line is below the 30 period moving average which is slightly troubling BUT if ABCB is able to rally, we'll likely see the RS line breakout as well.
**other points** take a look at the weekly chart. The week of 12/19 (the 2nd down week in the base) was a positive reversal off the 42.75 support level. It came on high weekly volume and price closed high in the weekly range. This is a good sign of support.
ABCB is another idea discovered from our scanner ChartYourTrade MRI.