Verified Investing on $ASX (Oct 30, 2026)
ASX beat on earnings (8.14% EPS beat, revenue beat 2.65%) despite capex concerns and larger pressure, but its fourth hit of a parallel near 39.66-40, coming shortly after the last one, leaves it vulnerable near to midterm; the speaker anticipates a break of this parallel going into next week, though an intraday bounce near $40 is likely.
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Next up guys, another earnings report and a decline on the chart with ASX. Now, ASX, uh, they had some larger pressure and capex concerns, but honestly, aside from that, they really had a good beat.
They had 8.14% earnings per share beat, and revenue beat by 2.65%. Now, if I scroll back, much like on these other charts, we've got a lot of parallels going on here. Now, this one we've hit once, twice, and now three times.
That leaves the next hit with a 50/50 shot of breaking. So this right here, even though it is a gap fill here, roughly just at a pierce of $40, bottom of the parallel here at 39.66, this likely could hold for a day trade.
But since we're hitting this level now for a fourth time in addition, we're doing so in a very short time frame from the last hit. This is leaving it a little bit more vulnerable for a break near to midterm.
So I actually am anticipating a break of this parallel going into next week. But near-term intraday bounce could likely be had here at the $40 level.
What this channel has said about $ASX
Verified Investing has 2 calls on this stock; only the adjacent ones are shown.