Allied Irish Banks, plc Has a Decent Shot at a Multi Day Breakout

I already posted a few times about Allied Irish Banks, plc and since my first post on AIB, it is up about 13%.  But I think it may have a little bit of juice left in it.

My timing signals suggest that if tomorrow is an up day in Allied Irish Banks, plc, then we could see it extend up again into Friday and maybe even Monday after the weekend as well.

Alternatively tomorrow could be a very large white bullish candle and the price could exhaust itself by Friday’s open.

I am coming to these conclusions on Allied Irish Banks, plc because of the Relative Strength Index (14 day) signal that is showing me AIB is on the verge of tipping into the ‘power zone’ above the 70 range.  If it is able to get above there tomorrow then we should be looking at 1 to 3 more days of upside before the trend changes again.  But the condition is that tomorrow must be a decent up day and get the RSI above the 70 level.

If it is not able to do that then it puts the big upside blowout in question and could instead send AIB into a sideways move or even a topping pattern.

But my favored scenario right now is that we get a final blowoff type move into either Friday or Monday.  The other part of the reasoning for that is the large surge in volume today which hopefully will sustain itself tomorrow and into Friday a little bit.

It should be an interesting next few days for Allied Irish Banks, plc.

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Posted in Market Timing, Stock Setups

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