ACIA forming a bump & run formation. Seems its just starting to move upward. We are looking for a quick trade up to the upper channel line around 88
You can check our detailed analysis on ACIA in the trading room/ Executive summary link here-
Time Span: 3:00"
went long ACIA a half positon at 101.75 after ACIA announced secondary public offering to be priced 100. stops at 98/97ish. With 50dma and last local low sitting right at its current price, a breakdown hitting stops in this area doesnt seem so unlikely either.
Acacia has pretty good numbers. Solid Revenue bump up in profits in 2015. Not sure why this looks like distribution, however we have seen a lot of stocks go this way, so better safe than sorry. I wouldn't say short this but I certainly won't buy it until I see a solid sign of strength. Although I have to ask, when ...
$110 open would put shares right at the 9/26 gap. Could be R there, but if it if fills, this breaks the downtrend and should then test the bullish channel around $125. $110, $116, $125...then $150 PT if the channel breaks.