Timonrosso

ABC showing mixed signals target $153.16

Short
NYSE:ABC   None
Descending Triangle has clearly formed on Daily.
The price has broken below the neckline (just waiting for confirmation)
RSI<50 (Red)
Target $153.16
Concerns:
The American stock exchanges and the companies are heading up with the January Effect, the weakening dollar (I know it's unusual) and with China's policy with the Covid restrictions easing - bring new hope for the economy.

The Moving Averages are still up and price is above the 200MA.
But as we know, the 200MA acts as an elastic band. So price gravitates usually back to it.
I am cautiously pessimistic with ABC and the short bias is strong than the long bias.
Medium probability trade.

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Trade Well,
Timon Rossolimos
Founder, MATI Trader
(Pro trader since 2003)
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