Wednesday, December 13, 2006

ABR Analysis for 12.13.2006

Monthly chart shows first correction found support off the .618 fib level. Buyers then tookprice up to .786 fib level at the $29.59 high where there is profit -taking.

Shooting star into .786 fib level indicates selling at this level.

Exhuberant buying in early december was met with selling. Shooting star and bearish harami candle pattern serves as initial warning of potential trend reversal. Indecision between buyers and sellers last week. Today, we had a gap up where early sellers showed up, and took the stock down to close near its lows for the day. Look for continuation for remainder of this week.

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