The Golden Star. Read more.

Fri 19'th Jan 2018

PERIOD 2017-10-20 - 2018-01-19
CHANGE 0.58%
PRICE $61.16
VOLUME
Sell
TREND
Buy

MV LONG
Buy

MV SHORT
Sell

PIVOT
Sell

MACD
Buy

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ABAXIS Stock Analysis

Technical stock analysis for Fri 19'th Jan 2018

Shorts 15.63% ( 2017-12-29 )
Cash 429.3 mill
Loans n/a
Beta 1.03
ROA 8.98
Buy candidate since 2017-12-19 Gain 24.71%

ABAXIS gained 0.58% in the last trading day, rising from $60.81 to $61.16 The price has risen in 6 of the last 10 days and is up by 23.53% over the past 2 weeks. Volume fell in the last day by -129 984 shares, and in total, 140 521 shares bought and sold for approximately $8.59 million. You should take into consideration that a falling volume on higher prices causes divergence and may be an early warning about possible changes for the next couple of days.

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Trend

ABAXIS lies in the upper part of a wide and strong rising trend in the short term, and this will normally pose a very good selling opportunity for the short-term trader as reaction back towards the lower part of the trend can be expected. A break-up at the top trend line at $63.16 will firstly indicate a stronger raising rate. Given the current short-term trend, the stock is expected to rise 20.9% during the next 3 months and, with 90% probability hold a price between $63.43 and $76.36 at the end of this period.

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Signals

There are mixed signals in the stock today. A sales signal was issued from a pivot top point on Friday January 12, 2018, which indicates further falls until a new bottom pivot has been found. ABAXIS holds a sales signal from the short-term moving average; at the same time, however, there is a buy signal from the long-term average. Since the short-term average is above the long-term average there is a general buy signal in the stock. On further gains, the stock will meet resistance from the short-term moving average at approximately $61.65. On a fall, the stock will find some support from the long-term average at approximately $51.91. A break-up through the short-term average will send a buy signal, whereas a breakdown through the long-term average will send a sales signal. Volume fell during the last trading day despite gaining prices. This causes a divergence between volume and price and may be an early warning. The stock should be watched closely.

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Relative Strength Index (RSI)

The stock holds a RSI14 at 78 and is currently being overbought on RSI. This does not have to be a sales signal as many stocks may go both long and hard while being overbought on the RSI. It is therefore important to evaluate the history of the share as it may tell you something about the RSI-sensitiveness.

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Support & Resistance

On the downside, the stock finds support just below today's level from accumulated volume at $55.06 and $49.84. On the upside the stock meets some resistance just above today's level from accumulated volume at $61.52, $61.65 and $62.44.

There is natural risk involved when a stock is testing a support level, since if this is broken, the stock then may fall to the next support level. In this case, ABAXIS finds support just below today's level at $55.06. If this is broken, then the next support from accumulated volume will be at $49.84 and $48.04. The stock is about to test the resistance from accumulated volume at $61.52 and this may cause the stock to take a minor break or get into a more sideways move for a few days.

Support: $55.06 Price: $61.16 Resistance: $61.52

Risk

This stock may move much during a day (volatility) and with a large prediction interval from the Bollinger Band this stock is considered to be "high risk". During the last day, the stock moved $0.73 between high and low, or 1.20%. For the last week, the stock has had a daily average volatility of 2.28%.

The stock is overbought on RSI14 and lies in the upper part of the trend. Normally this will pose a good selling opportunity for the short-term trader, but some stocks may go long and hard while being overbought. Regardless, the high RSI together with the trend position increases the risk and higher daily movements (volatility) should be expected. A correction down in the nearby future seems very likely and it is of great importance that the stock manages to break the trend before that occurs.

Our recommended stoploss: $58.19 (-4.86%) (This stock has very high daily movements and this gives very high risk. The RSI14 is 78 and this increases the risk substantially. There is a sell signal from pivot top found 4 days ago.)

Overall risk:

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Evaluation

Several short-term signals, along with a general good trend, are positive and we conclude that the current level may hold a buying opportunity as there is a fair chance for this stock to perform well in the short-term.

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