Copper miner Aditya Birla (ASX:ABY) posted a double-bottom two days ago, reader. A technical rebound is just about due. And it looks like a 50% gain from here.
The stock has been a violent mover since it listed on the ASX in May 2006. It traded between $2 and $2.70 for a year…climbed sharply up to $4.30 last October…then fell by 67% by January 23.
The price today? Well, it’s about $1.50. That means ABY has already bounced off the same support as last time. There’s your double-bottom.
But there’s something more interesting about this chart. The most appropriate indicator to pay attention to isn’t your average fare.
