ABGL.L: African barrick

"I am no expert but there is a long way before investors will start to accumulate again. There is no signs that this is happening for now. So I dont agree with the III discussion board - i dont think they have a clue how low this can go."

Lol - i 100% agree with you on that WR, more downside on this one to go imo barring a miracle of some sorts.

HI there mate,

I believe Remo can provide a more decent analysis but thought I would share what i think.

I am no expert but there is a long way before investors will start to accumulate again. There is no signs that this is happening for now. So I dont agree with the III discussion board - i dont think they have a clue how low this can go.

My take is that we are close. I am open to a symmetrical pattern and this must be taken into account with other indicators such as RSI and MACD and the candles. 200 looks like a decent target (181 mentioned below also is close by)

So here it is:
dl.dropbox.com/u/4385922/ABG.png

looks like a straight ABC down.

623 - 302 = A

302 - 502 = B and @ .618 fib from 302

current C down, if we assume C=A then the target comes to approx 181.

here a quick approx chart:

dl.dropbox.com/u/40497882/AFB_weekly.JPG

Hi Remo

Where do you see support here? On the abg bb there are claims it as support but
They are consistently optimistic that this I'd the bottom it's difficult to take seriously
Without a chart.

see how this one has broken down since the support went This is what can happen when there is no supports below.

had a quick look at this also the other day and my view is down to 240/250....for now I'd be selling any dcb from the 300 area...a close below say 298-300 and it is "normally" another 15-20% fall when support breaks at the lows....intraday I see it has now indeed went below 298 and is bouncing back above 300....for me a close below 300/298 bearish and a close above 305ish may see a quick bounce....but with 20% downside risk and the typical dcb of 5-10% it is still very risky...