Allied Healthcare Products Inc. ($AHPI) Leaning Bullish
The Corona Virus has provided some tremendous rallies in the healthcare and bio science sectors. Allied Healthcare Products Inc. is one of those names that has gone parabolic with the COVID-19 spreading worldwide. It still remains very technical, and I think there could be one more leg up before the rally is complete. Lets take a look at what they do as a company:
“Allied Healthcare Products, Inc. is a leading manufacturer of medical gas construction equipment, respiratory therapy equipment, home healthcare products, and emergency medical supplies. Our products appear worldwide in a range of medical applications, including hospital care, sub-acute treatment, long-term care, home healthcare, and medical emergencies.”
The 2020 rally, in particular, has more to do with their ventilator sales more than anything. The USA is in dire need of ventilators so speculators have flocked to this company. So with that said, the Elliott Wave view seems to be counting technically clean. Let’s take a look below at the 4H view.
Allied Healthcare Products Inc. Elliott Wave 4H View
So I’ll be taking a look at this 4H chart in log. Because this stock has had such a breathtaking rally, a linear chart does not represent the chart as I believe it should be viewed. From the all time lows, wave ((1)) is set at $5.00 and ((2)) at $2.00. From there wave ((3)) is set at 45.00 and wave ((4)) is playing out as a contracting triangle. Blue (E) of ((4)) is expected a bit lower near the 16.30 area where it meets the trendline. After Blue (E) is set, an opportunity for a ((5)) thrust is expected for a Red I top. However, If $12.50 is broken, this count will be invalid and will be favored the top has been set at $45.