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ASGI Stock: Is Now The Best Time To Buy?

Aberdeen Standard Global Infrastructure Income Fund (NYSE: ASGI) is an ETF that targets infrastructure services globally. Although the fund just went public in 2020, many investors are already looking to buy into it. But is now the best time to buy ASGI?

ASGI Stock: Is Now The Best Time To Buy 01

Source: Dave Morgan

Support and Resistance

There are some notable levels on the ASGI price chart, but two major ones are the $18.7 – $19.0 support level and the $20.2 – $20.5 resistance level. The price bounced off the support level and now hangs just beneath the resistance level.

The $19.8 and $18.3 price levels are also important levels to watch.

ASGI Stock: Is Now The Best Time To Buy 02

Another important price action indication that’s appeared on the ASGI stock is the bearish trendline. This trendline has kept the price making one low after another. The price is close to this trendline, which may once again force more downtrend.

Signals and Forecast

If the price continues its bearish run, it might fall by 6% to the $18.7 – $19.0 support level, where the most recent low happened. The price could then fall by an extra 3% to get to the next support level at $18.30 if the $18.7 – $19.0 support level fails to hold the price.

That is one possible outcome for the ASGI stock. Another possible outcome is e $20.2 – $20.5 resistance level breakout. This breakout would change the fortunes of the ASGI stock from bearish to bullish, as that move would also double as a breakout from the bearish trendline.

Of course, there’s no ruling out the fact that the ASGI stock could fall to the $18.7 – $19.0 support level and consolidate for a while.

Should You Buy ASGI Stock Now?

There are no bullish-encouraging signals on the ASGI stock currently. The stock is more likely to fall than it is to rise. So, do not buy ASGI stock now.

However, if the stock breaks out of and retests the $20.2 – $20.5 resistance level, our outlook on the stock may ‌change. Until then, ASGI is a sell.

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