Re: ABUS to pop soon..
technically the chart is ripe.
i bet recent tape action is more to do with the Russell reconstitution.
June is the month that the preliminary reconstitution portfolio is communicated to the marketplace. Beginning on June 8, preliminary lists are communicated to the marketplace and updates are provided on June 15 and 22. The newly reconstituted indexes take effect after the close on Friday, June 22.
big boys are adding as required and will help provide support longer term. this may go on a while.
announced on friday the 8th and volume and spread tightening started following Monday the 11th. updates (reminders) are provided for the next 2 fridays.
technical break may be held down because big boys WON'T allow themselves to be forced to buy rising tape. not sure the total volume they need to accumulate in total but about 1 million shares have been traded in an abnormally tight spread 5.9 to 6.0. last four days volume since the 11th is 2X the preceding 4 days prior to the announcement on the 8th. I hope they don't play a washout game to buy lower... most are long here probably but i won't let them try and trap my trading shares here. nearest structural support lower is 5.60.
does anyone have expertise on how the institutions transact these reconstitutions on various exchanges without influencing price? any guesses as to the total volume required?... i don't feel like reading Dark Pools and scaring myself.