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ABK - Rising wedge formation
Casey Murphy - March 15, 2007


Ambac Financial Group - ABK 

March 14, 2007

Last Trade

$86.48

Volume

2,946,085

52-Week High

$91.83

52-Week Low

$76.79

Commentary:
For today's chart we've chosen to take a look at ABK because it has been trading within a long-term rising wedge formation. As you can see from the chart below, today's bearish price action has sent the stock below the support of the ascending trendline on very heavy volume. This breakdown will likely be used by the bears to signal the shift in the prolonged uptrend, but in the short term, we expect many traders will watch for a move back toward today's low near $83.50.



Happy Trading,
Casey Murphy,
Senior Analyst, ChartAdvisor


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