ABM – the slide continues

Pawnbroker ABM (Albermarle & Bond) continues to slide today. Here’s the chart:

The big crash is, of course, from its recent appalling trading statement. It is interesting how the market had been anticipating a poor performance since a year ago. The trend had most definitely been your friend here.

What do I predict from here? Well, I would think that it would make a short-term bottom within the next few days, followed by a rebound. The size of the rebound will depend on the depth of the preceding downward motion. Volume is still high, and the plummet is still deep, so I expect that we haven’t seen the end of the sell-off just yet. It’s difficult for me to decide, though. The shares seemed to have bottomed out at around 10.30am this morning. Pfft. No idea.

After a rebound, I’m guessing that it will trade in a sideways range for several weeks. That trading range will very likely be near current levels, rather than the levels that existed prior to the crash.


About mcturra2000

Computer programmer living in Scotland.
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