Will It Continue Higher Or Correction Time?
Adports a very strong stock with very good fundamentals. Its a new entry to ADX Market – Abu Dhabi Securities Exchange. It got listed on ADX on 08/02/2022 and as expected investors at retails traders grabbed this stock in every possible way. It went side ways for few weeks but then it started its up trend and its still holding on quite well.
Lets Talk Technical
Clearly its in a defined uptrend, todays closing is at 4.62 not a positive closing but not bearish at the same time.
This is hourly chart of Adports we can see a defined bullish chart pattern here – Rising wedge where lows are shifted higher at the same time highs are moving higher. This rising wedge can breakout to the either side my bias is bullish I am soon expecting it to break to the upside and hit 5.00
For now its above 20 day moving average which is considered bullish, secondly its at a good support level that is 4.60 if this support is broken we can see some weakness in the trend and it come down to retest 4.50 it order to protect the current levels bulls should show some strength and hold above 4.65 to go higher. Watch my previous analysis on Adports here.
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This article is for education purpose only please do your own research.
All The Best!!
