MichaelGLamothe

ABCB looking ready to break out of a flat base

NASDAQ:ABCB   AMERIS BANCORP
31 3 3
There are a few things I like about this setup:
  • All moving averages are accelerating
  • The RS             line is near highs
  • Price action is tightening as we approach the pivot
  • Clear support along the 50dma so far
  • Strong industry group (top 50 per IBD) and other stocks setting up within the group
  • Earnings is already out of the way

I see the pivot as being the recent high of 36.31 and the nearest support level as 35. There is an ascending trend line drawn on the daily chart which also seems to be offering an area of support.
What a run for ABCB. $36 to $47
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@NJgolfer, looks like it still wants to move higher to me. I've scaled back and locked in gains on much of it but would consider adding if a fresh setup forms.
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Michael - great call a few weeks ago. $ABCB has really taken off.
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