Cup and a Handle seems to be the popular alignment of the stars today. ABS when viewed in weekly charts seems to me like one. Let's see if it matures to be one.
On the fundamental side, its PE is just below 15. Revenues are expected to be up due to advertisements. Election jitters however gives this possible rise a dark side.
While everyone seems to be so scared of the election results, we can look at the DOW as our glimmer of hope. Why? In view of US presidential cyle, DOW tends to trend up around two years after their elections which is about now.
Anyways, here is the ABS chart:
This is the latest update for ABS (May 20, 2010). It finally broke out of its resting zone and entered the conservative target area. Time to sell for me since my target is reached. Surely 40+ is still achievable but the 38.5 resistance should be broken first with convincing volume. If this happens then it may be headed for its all-time high of 67 or more. But first it should rest at this new area it entered to have more energy for the leap. While resting you can see its RSI drop some points.
Note: This is not a recommendation to buy. This is only my personnal view using the tools I innovated out of the Amibroker codes (AFL) to come up with fibonacci bands from the detected supports and resistances. I am NO GURU so I am not an authority on Philppine stocks! I only made this blog so I can easily review my buy and sell points through my phone or any publicl internet cafe.
