ACB - Market Overview

The price bounced from 10.00 level and moved lower. RSI confirmed the price reversal. MACD histogram supports a downward movement and MACD lines are going to do the same. DMI is bullish, but ADX line falls. It tells us that buyers are not so strong now and a correction of the uptrend can be continued.

There are two possible entry levels for buying. The 1st level is above 10.00 resistance and the local swing high. If the price breaks it, it will confirm the strength of buyers and the continuation of the uptrend. The price will be able to reach the previous highs at 12.00 level.

If the price continues falling, the support zone formed by 8.00 level, the uptrend line and combination of MAs, it will be able to stop and reverse the market. This zone can be used for buying based on a confirmed reversal signal with targets at 10.00 and 12.00 resistance levels.

The falling below the support zone will confirm a trend reversal and the strength of sellers. The market will be able to reach the previous lows and the 1st one will be at 5.50 level. The support zone between 5.50 and 4.50 levels also will be able to provide interesting trading opportunities.