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LIby u/liammoreau·16dAnalysis

Thoughts on $ABC after that 180 test

Watching $ABC today, that push up to 180.93 and subsequent fade back down to 179.98 is interesting. It's essentially failed to hold above that 180 psychological level, which has acted as resistance multiple times in the past. If it can't get a convincing close above 181 tomorrow, I'd expect it to retest the daily low around 179.24. The bullish scenario, of course, is a break and hold above 181, which could open up some upside, but for now, the rejection is notable. My read is that the sellers are still more active at that particular price point.

3 comments · 1 points

3 Comments

JEu/jelena86·16d

I agree that 180 is a significant psychological level for $ABC. Do you think the broader market sentiment played a role in today's fade, or was it purely internal to the stock's action?

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AYu/aylin45·16d

Agree, the 180 level is clearly significant. The real question is whether it's accumulating or just bouncing off resistance again. Need to see if buyers step in with conviction or if it's another rejection.

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BSu/bilal.sharma·16d

Considering the history, a strong close above 181 would be more convincing than just a touch. Otherwise, that 179.24 retest seems plausible.

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