ASSA Successfully Reaches Its Upside Targets—Next Move to 1,580?
2023-05-27 15:03:26
ASSA is currently undergoing a healthy consolidation after reaching our upside targets at 1,120 and 1,255 (as discussed in our previous review: ASSA Successfully Breaks the Double Bottom Neckline, Rally to Continue?). At this stage, ASSA has also formed a potential new support level around 1,075 (black arrow), an area that is close to the double bottom neckline.
As long as ASSA remains above this support level, the stock still has the potential to continue its upward trend toward 1,580. The solid blue trend optimizer indicates that the stock is still in an uptrend phase.
Trading Plan:
For those who are already holding the stock, it can be held as long as the price stays above the support level. For those looking to enter for the first time, it is advisable to wait for the stock to consolidate further and form a new resistance level, as the current price still carries a high entry risk.
