AMBER ENTERPRISE LTD.
Technical View
- The stock saw some profit taking after reaching a record high of 4597.It corrected by 35% following a surge of 161%, and entered into a potential accumulation phase.
- During this phase, higher lows formed along with price depth and time correction as the lateral trend progressed.
- This suggests that committed investors continue to hold their positions, and the stock saw further absorption of available supply at elevated levels, indicating a strengthening price trend.
- Additionally, the price action showed a bullish breakout from the rounding bottom, with the lower pivot of the corrective leg acting as resistance.
- The stock’s relative strength compared to the markets has been improving, and the 50- period volatility trades at lower levels, reducing the probability of erratic moves.
- The RSI across daily and higher time frames is trading well above their median without showing any divergence against the price, indicating momentum in the price.
- We suggest buying Amber Enterprise in the range of 4262-4220 for the target of 4890 with a protective stop at 3966.
