Advanced Battery Technologies (Nasdaq: ABAT) ended the current uptrend at $3.00 where the stock faces significant resistance. Over the last couple days, ABAT has retraced to a low today of $2.47. On December 19th, I advised ABAT would succumb to the resistance and retrace to near $2.50. Today, I am revising the low I predicted to a low closer to $2.25. Tomorrow will likely be another red day for ABAT as investors take final losses for 2008. The 50MA at $2.37 should provide support, but ultimately the downward momentum will likely cause ABAT to fall below $2.37. Nevertheless, I remain confident Advanced Battery Technologies will move past the resistance at $3.00 in early 2009 and once again be a solid investment over the long-term.
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