Based on the volumes coming into the stock today, ABK Ambak looks like a confirmed buy right now early this morning. This has the potential to be a big move because of the volume setup and the large based under a longer term resistance area.
ABK seems to be following on the coat tails of MBI which is also getting a breakout from the ascending triangle pattern that has been building for a month or two.
If the breakout in ABK today is on confirmed volume then it could set up a nice uptrend pattern through the rest of the year.
But I don’t want to get too far ahead of myself.
The setup looks nice right now and the volume is heavy early in the AM right now.
Look for ABK to overcome 1.99 which is a very high volume swing high. it remains to be seen if we will have enough force to get over that swing high because of the high volume. But so far it is looking pretty good because we are already at yesterdays total volume and it is only 1 hour into the trading day.
ABK can be a fast mover and do huge volume. Glad I kept this one on the radar… So we will have to see how the end of day pans our for ABK but so far looking very good early today.