Let’s give a round of applause to @gabrielo for being this week’s Featured Trader!
@gabrielo has been a member of the Investagrams community since October 2017 and has been very active recently. He is always sharing his thoughts and his trades.
A week ago, our featured trader posted his technical analysis on $ABA, a hot stock in the local market. $ABA recently breakout and reached 52-wk highs at 1.67 ish!
As the stock is on an uptrend, @gabrielo charted its support, resistance, MA, and Fibonacci Retracement level, and RSI on the chart that was bound for a breakout or breakdown. @gabrielo felt that this was an opportunity to have a good entry near the support and sell around the resistance.
TECHNICALS OF THE TRADE
Technically speaking, $ABA recently reached a 52-wk high and is bound for a much higher price or plunge of the stock price. After breakout at the 1.56 ish, ABA’s volume surges along with its RSI. While others are falling, $ABA is showing strength as it continues to move upwards strongly. It came from a breakout at the 1.56 area before surging to 1.60+ area onwards. There could be a retest in the next few weeks as ABA recently reached a 52-wk high. Technically speaking, the next resistance that ABA could face is the 1.8 level. Furthermore, ABA will retest whether it will surge more or a reversal after reaching the 52-wk high.
@gabrielo was confident that prices will further go up as he indicated in his chart the supports, resistances, and the trendline. He charted a good entry near the support and possible resistance to break.
FUNDAMENTAL CATALYST
AbaCore Capital Holdings, Inc. has interests in the leasing of gaming equipment, gold and coal mining, real estate, and financial services. Furthermore, $ABA has been on an uptrend and the volume from the locals and foreigners is surging as well. It is still unknown whether $ABA will push further or reverse. In addition, ABA’s book value as of 1Q 2022 is 3.5 per share. Thus, it is best to observe $ABA before entering since it recently reached a 52-wk high. Further to that, it is best to consider the sentiment of the market, as well as the technical indicators and the financial statement before engaging in.
WHAT SHOULD BE MY NEXT MOVE
As the stock recently reached a 52-wk high, it would be wiser to observe and wait for what $ABA might do next before riding in. It is still unsure whether $ICT will continue to surge, so it’s best to wait for a consolidation, pullback or a good entry near its support for a better risk-to-reward trade. In addition, it is best to have alternative stock picks that are more profitable and good trade such as bottom picking stocks or stocks that could surge to due global demand. Furthermore, it would be advisable to trade lightly and in tranches.
Once again, KUDOS to @gabrielo for being this week’s featured trader! Enjoy your 14-day InvestaPrime Access and continue to be an inspiration to the trading community.
