MichaelGLamothe

AGX is setting up again and why I'm interested

NYSE:AGX   Argan, Inc
2
After a long run started in June of almost 100%, AGX has quietly consolidated over the past month and a half around the 10wk line. There are more than a few things I like about this setup so here we go:
  • According to Investors.com AGX is in the #1 rated stock in its industry group and the group rank is 27 out of 197
  • While AGX has consolidated, its RS line has remained near its highs (see weekly chart)
  • Selling volume has gotten progressively lighter as AGX has approached the 10wk line
  • A clear level of support has been established at 54
  • The support range goes down to 53.30 which correlates to the surge after earnings on 9/7
  • The distance between support (54) and resistance (57.24) is only 5.66%

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