AmBase Corporation (OTC:ABCP) hit a new 52-week high yesterday on a slightly more active trade than average. Statistics show that 184 thousand shares changed hands on the last trading session. At the same time, ABCP stock went up 15.45% to $1.27. Thus, the stock hit another record annual value and additionally solidified its position above the $1 mark.
Along with the optimistic (for the long investors) session, an 8-k form was filed with the SEC yesterday, which has influenced the trade.
The 8-K form announced that on October 31, 2011 Senior Judge Loren Smith denied the Department of Justice’s Motion to Reconsider.
From a technical point of view, it must be pointed out that after the last session an important turn point was reached as far as the MACD indicator is concerned. The MACD indicator has maintained a negative divergence with the stock’s price movement ever since the huge jump in September. After the last session, the MACD curved up, which has definitely attracted more speculative eyes on the ABCP stock. Whether ABCP will manage to maintain the increased attention depends mainly on various factors such as the company’s effort and the technical set-up presented by the chart.
