ABCB is closing in on an advanced pivot that is clearly visible on both the daily and the weekly charts. When pivots are visible on multiple time frames they stand a better chance at working.
Here's the setup...
SETUP: 2nd stage flat base
Classic Pivot: 47.70
Advanced Pivot: 45.15
Support: 42.75 and rising 50dma/10wk line
**note** 50dma and 10wk line is...
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...