After a very strong move upward, we sort of found ourselves in limbo, wondering what to hold on to and what levels to look for. After some explosive moves yesterday, we can now see a tightening range emerging on the hourly chart. New supports and resistance are becoming clearer, while the RSI is slowly cooling.
Investors are waiting on news about Nelson Peltz' activities. There is no actual news from ACB, and the longer we have to wait for it, the more this momentum may fade, and we may see money leaving ACB for other players. Each rally within the current trend has seen a 50% consolidation. We rallied more than 30%, so that would imply that we are looking at a potential 15% downside from the peak at $10.30. That would put us between $8.80 and $9.25.
Bulls bought the dip at $9.55/$9.57 yesterday. So that is the level to hold today. I'm not sure what to make of the daily chart yet, so we'll have to be on watch. I'm thinking bulls need to break $9.95 with volume, or continue to defend the lower levels. If we break through supports at $9.51, I suppose will have seen a trend change confirmed.
These are my thoughts. If you have some of your own, please help out, and leave a comment.
Investors are waiting on news about Nelson Peltz' activities. There is no actual news from ACB, and the longer we have to wait for it, the more this momentum may fade, and we may see money leaving ACB for other players. Each rally within the current trend has seen a 50% consolidation. We rallied more than 30%, so that would imply that we are looking at a potential 15% downside from the peak at $10.30. That would put us between $8.80 and $9.25.
Bulls bought the dip at $9.55/$9.57 yesterday. So that is the level to hold today. I'm not sure what to make of the daily chart yet, so we'll have to be on watch. I'm thinking bulls need to break $9.95 with volume, or continue to defend the lower levels. If we break through supports at $9.51, I suppose will have seen a trend change confirmed.
These are my thoughts. If you have some of your own, please help out, and leave a comment.
Comment:
Just looking at these previous levels within the current channel...
Comment:
Rejected at support 6 times now. Descending triangle?
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