Arabtec Holding Pointing Higher
Bruce Powers | May 11, 2015 03:47AM ET
Arabtec Holding (DU:ARTC) can be accumulated around current price levels, with the next indication of strength seen on a daily close above yesterday’s high of 2.72. Alternatively, a decline below 2.59 support signals further weakening and a continuation of the pullback from the April peak.
On Sunday, ARTC was up 0.10 or 3.82% to close at 2.72. This follows a test of the downtrend line as support, which also completed a 50% retracement of the prior 51% advance. Support was found at 2.59 last week, which ended a 17.5% pullback from the 3.14 peak hit three weeks ago. Assuming ARTC stays above 2.59, the odds favour a continuation higher.
Since bottoming at 2.08 in March, ARTC has had only one leg up, which completed at 3.14, ending a 51% advance. A rally above 3.14 signals a continuation of that uptrend, with the first target around 3.65, which is 16.2% above yesterday’s close. That would complete an ABCD pattern, where the second leg up in price matches the first leg.
Higher targets include:
- 3.90 : 61.8% Fibonacci retracement (measuring downtrend from 5.03 peak)
- 4.54 : prior peak from October 2014
- 4.92/4.94 : prior peak from August 2014& 127%
- 5.03 : prior peak, July 2014
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