ABAT Possible Breakout Play

[antonioac]

Advanced Battery Technologies, Inc. is forming a symmetrical triangle with support at 1.23. I am expecting a breakout at 1.36 with a target of 1.84. So far, most indicators are in favor of an upward price movement: MACD has generated a buy signal and is currently above the 0 line and RSI is above its 50% level. The stock has been going through a healthy consolidation, but the past few days have shown an increase in volume. Once again, the 50 day MA has proven to be a solid level of support and looking forward, the bulls will have blue skies with a strong break of the $1.36 level. Worth keeping an eye on for sure !