Buy Score Rank #3595 out of #5176
Wed 26'th Jul 2017
ABAXIS Stock Analysis
Technical stock analysis for Wed 26'th Jul 2017
Sell candidate since 2017-07-25 Loss -1.04%
ABAXIS lies in the lower part of a strong rising trend in the short term, and this will normally pose a very good buying opportunity. A break down the bottom trend line at $51.11 will firstly indicate a slower raising rate, but may also be a early warning for a trend shift. Given the current short-term trend, the stock is expected to rise 12.51% during the next 3 months and, with 90% probability hold a price between $57.50 and $62.59 at the end of this period.
There are few to none technical positive signals at the moment. ABAXIS holds sales signals from both short- and long-term moving averages. In addition, there is a general sales signal from the relation between the two signals where the long-term average is above the short-term average. On corrections up there will be some resistance from the lines at $51.31 and $51.95. A break-up above any of these levels will issue buy signals. A sales signal was issued from a pivot top point on Tuesday July 25, 2017, which indicates further falls until a new bottom pivot has been found. Volume fell together with the price during the last trading day and this reduces the overall risk as volume should follow the price movements.
Relative Strength Index (RSI)
RSI14 is 42 and the stock is currently not being overbought or oversold
Support & Resistance
ABAXIS finds support from accumulated volume at . On the upside the stock meets some resistance just above today's level from accumulated volume at $52.68, $51.37 and $52.45.
The stock is about to test the resistance from accumulated volume at $52.68 and this may cause the stock to take a minor break or get into a more sideways move for a few days.
This stock is usually traded at good volume, and with minor daily changes the risk is considered to be low. During the last day, the stock moved $0.80 (1.57%) between high and low. For the last week, the stock has had a daily average volatility of 2.23%.
Our recommended stoploss: We hold a sell evaluation for this stock. No stop-loss set.
The stock stock holds several negative signals and despite the positive trend we believe ABAXIS will perform weak in the next couple of days or weeks. Therefore, we hold a negative evaluation of this stock. Due to some small weaknesses in the technical picture we have downgraded our recommendation for this stock since last evaluation from a Buy Candidate to a Sell Candidate.