Price pierced through resistance ($2.87) with volume and cleared the range where it’s now coiling above under the 200 EMA. ABP.ASX has not touched the 200 EMA since the pre Covid drop.

ABP.ASX

ABP.ASX – Abacus Property Group is a diversified property group specializing in Australia’s core commercial sector including office, retail, and industrial properties, self-storage facilities and property development ventures.

 Key Points:

  • Price hugging the 200 EMA
  • Price holding above the 50 EMA
  • Drop in volume within the flag
  • Increased volume spike during the impulse drive
  • Pierced through multi – month range
  • Targets using Fibonacci multiples of prior impulse

Key Levels:

Support – $2.87, $2.79, 50 EMA

Resistance – $3.00, $3.25, $3.50

Entry Zone:

Optimal entry provides the greatest reward to risk ratio while supporting entry is a zone for reversal signals.

Optimal Entry – $2.93

Supporting Entry – $3.01

Candle Reversals for entry

  • Bullish Hammer
  • Bullish Engulfing
  • Bullish PiercingCandlestick

 

The Risk:

As traders, it is your job to mitigate the risk and only trade structures that provide high probability and great reward to risk ratios.

If you are not comfortable with defined exit levels, experiment with Moving Averages to help set solid exit rules to protect your capital.

 

IF: Price breaks below $2.79 or below 50 EMA– this would suggest the structure is not in our favour and would be wise to reduce exposure or close the trade until a solid signal gives us reasons to re-enter.

 

Reward / Reward Targets:

Optimal Entry $2.93 – Target 1 $3.25 = 2.3x Reward to Risk

Optimal Entry $2.93 – Target 2 $3.49 = 4x Reward to Risk

Supporting Entry $3.01 – Target 1 $3.25 = 1.3x Reward to Risk

Supporting Entry $3.01 – Target 2 $3.50 = 2.5x Reward to Risk