Aberdeen Asia-Pacific Income Fund Inc. (FAX) — Formerly known as the First Australia Prime Income Fund, FAX operates as a closed-end fund that may invest up to 80% in Asian debt securities, with a 20% minimum investment in Australian debt securities.
The fund will invest at least 65% of total assets in securities with investment-grade ratings, and has a dividend yield of 7.63%.
Since October, the stock formed a triple-bottom with a neckline breakout (cup and handle) at $4.75, and a golden cross at $4.70.
After the breakout, the stock quickly ran to $5.65 before profit-taking drove it back to its 50-day moving average at $5.25.
It appears to be on the move again, and the target is $6.30.
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