ACB opened right at $12.00 price support from yesterday and broke it on open, and wasn't able to recover it later in the day. This is not game over for the bulls, as chart support remains at $11.44 but it's certainly a stronger pullback than the bulls had hoped for just 3 days after reaching new highs in reaction to earnings. IF there's any consolation for the bulls it's that this pullback is on decreasing volume.
I am watching the potential for a bearish-reversal Head&Shoulders pattern printing on the daily chart, and will be watching the volume on the hourly chart on the next move for clues if we will continue our daily uptrend or fall back down to test our key support levels.
Resistance for the bulls to start to turn things around is 12.17, followed by 12.60. KEY MUST HOLD support is 11.44. Losing $11.44 puts us in a range with a minimal amount of volume support - I see a lot of support just above $10.00, at $9.06, and the gap on the daily chart $8.64
I am watching the potential for a bearish-reversal Head&Shoulders pattern printing on the daily chart, and will be watching the volume on the hourly chart on the next move for clues if we will continue our daily uptrend or fall back down to test our key support levels.
Resistance for the bulls to start to turn things around is 12.17, followed by 12.60. KEY MUST HOLD support is 11.44. Losing $11.44 puts us in a range with a minimal amount of volume support - I see a lot of support just above $10.00, at $9.06, and the gap on the daily chart $8.64
Comment:
Should $11.44 hold I would expect a lower high on the daily - probably in the area of $12.70 or so