AC:TSX First Chart (ROOKIE)

Hello i am new to stock market and trying to learn.

So i made this up for the first time and would love some feed back and advice.

Im guessing with my drawing we are about to hit the support and have a bounce back up.
So if this goes over the 50ma line we have good chance of bouncing back up?

I panic bought at 21. 40 because the price went up to 23.5 but started to drop the next day. Now looking to sell at or just under 23.
Think this is a good plan and target? I am a long hold but am trying to make some short profits along the way and get more into swing trading.

Thanks for taking time to see my post.


Support depends on how you draw the line and where you reference it from, so it's clearly based on perspective. But if the current AC graph trend is slowly an uptrend, then the support is currently slightly above 15.50. With today's breaking news about Air Canada reducing domestic flights and government extending deadlines for border closure to foreigners and on-going COVID-19 worldwide, reaching 23.5 would be unlikely for some time. The only reason why AC shot up few days ago was because Boeing had its news with their 737 flight, but that's pretty much short term.

This is purely my speculation, but in order for AC to drive up to that 23.5 level, it would not just need a short positive news, but long term promising news such as decreasing COVID-19 cases and lifting up travel restrictions. Since Q2 reports are coming in very soon with higher chance that it's going to reflect more losses than Q1 report, I would say AC is going to be a very long play. But once it's able to reach that 23.5 level due to those aforementioned long term positive news, there may be enough volume to even break the resistance and go to next resistance level.

I highly doubt that AC price will stay like this constantly and there is more likelihood that it will reach higher prices in near future, but only God knows the exact date.

Again, purely speculation so just take my suggestion as a grain of salt.
+2 Reply
tsx_trader greentealemon
@greentealemon, I agree, I thought that AC had the ability to keep going up but in the last few weeks the news has been so overwhelming to the point that it lost its momentum. It also is no longer traded nearly as heavily as it was between March and the 1st half of June.

This is good though, Itll pick back up sooner or later.
+2 Reply
I have buy order at 15.50
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