ABX Holds Investor Day at a Critical Support Level

As we speak, ABX is pressing on a very important support plateau-- the 62% retracement level of its entire advance from the 5.91 low in Sep. 2015 to its 23.47 high hit in July 2016. Usually, a sustained breach of the 62% support retrace level triggers additional, acute weakness that projects towards a total retrace of the upmove (ugh!).

That said, in this particular case, if ABX takes out the 62% support level, now at 12.58-- on a weekly closing basis, my channel work argues for a press into the 9.70 to 8.70 area prior to my expectation of the emergence of another bull phase.

Otherwise, a climb and close above 13.15/35 is needed to begin to improve the still negative very technical set up... MJP