ACB broke key daily support but bulls bought the dip and finished strong near the high of the day, completely ignoring the end of day dump by the sector leader on bearish news. Price bounced just below the .382 fib level from low of consolidation to our recent high.
The daily volume was far less than I would have liked on this move, and so I expect a daily lower high to best set Monday most likely. Hourly resistance is 12.60 then 12.98 (call it 13 psychological), and I'm looking for the daily chart to top out somewhere within that range. That said, breaking $13.00 would have me very impressed but we will need much more volume to get there.
The new daily range I'm watching is 11.21 - 13.48 (again, let's call it $13.50 psychological). ACB is holding up much better than many names in the sector on the back of Coca-Cola investment rumours and an uplisting to a major US exchange this month.
In two weeks ACB saw a 70% move from 7.65 - 13.53 and the weekly chart is very extended, and is more likely than not to require a pullback before any continuation to the upside is possible. That said, a news catalyst can definitely change that and push the chart to new highs.
@McGuireTO Looking to add to this position but seems like APH is dragging things down? Wondering I should hold on today and wait for this to test daily between 11.20s - 11.40s. I don't see this dipping down to that point today. Appreciate any insights. Thanks!
McGuireTO
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@intel2, thanks for checking in i'm posting some new thoughts on the charts tonight
@McGuireTO, do you recommend pulling out and buying in lower or do you see a bounce back? because all day it's been red.
McGuireTO
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@androtrade, I can't make recommendations because i'm not an investment adviser. I'm currently not in any position, I sold this morning in the 12.80s and I'm just waiting for clarity now. personally I'm looking to buy back in the $11 range for a temporary bounce. I don't believe there will be a continued bull run into Oct 17th unless major news comes out