ABF – Monthly 50-MA support could be put to test

Despite the rebound of monthly 50-MA support in July and a positive August candle, the subsequent failure to hold above monthly 5-MA this month coupled with a drop below monthly 10-MA amid bearish indicators suggests the stock is likely to re-test monthly 50-MA support seen today at 2615 levels.

Shares gaped lower today and extended losses on reports the company has plunged into pension deficit. The detailed fundamental outlook on ABF was discussed by Tim Harrison, Head of Wealth Management at Linear Investment here - www.youtube.com/watch?v=XNooVrrl...