AverageDad

ABG Make or Break Idea

NYSE:ABG   Asbury Automotive Group Inc
First time creating a chart here but just wanted to publish because why not!

We've seen an exponential rise over the last year with some amazing gains, and it's no surprise that a correction was looming.

ABG's balance sheets have looked absolutely incredible and they're continuing to impress with their numbers. Considering that they have no market competitors in their area due to the state laws, we can see this growing to even higher prices.

However, we're at a bit of inflection point. The volume is incredibly low yet the selling pressure pushes the price further and further down. I'm keeping my eye on the $150 support zone to see how it handles a bounce off the 200MA or if it continues downward towards the next support zone of $138-140 where we could see a nice bounce from our previous support zones back in December-February.

I'm looking to open a position in this zone, but staying wary due to the freefall nature of this stock in the past few weeks. RSI hasn't been this oversold in a long while and could be a nice swing reversal if it begins to show strength.