ABS is potentially bottoming out as it consolidates near the support area (53~54).
Although no reversal pattern or signal found yet, there's a potential for position play or range trade setup.
Trading Plan
- Buy or accumulate near or at support area.
- Short to medium term TP at 60.
- Stop-loss around 51 for at least 1:2 risk/reward ratio.
- Try to scale down when initial TP is hit and profit run the rest using break-even stop or trailing-stop.
Note
- With general election coming soon this may, this is also a potential position play using that event as catalyst.
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