Looks like I found another possible sideways channel where I can trade sideways and take advantage of the ping pong effect.
The support line being at around $22.0 and the Resistance line being at $26.20.
From Nov 13 to Jan 3rd, it tried to penetrate the 50 MA. It successfully did but was only stopped by the $26.20 resistance line.
Now it is doing the same thing...
AC.TO trading at a PE of under 4x heading into holiday sales figures after their annual report could pull them back up from this clean support line touch in today's session. I already have a position of AC starting around $22.00 and will be using this pull-back to add to my position.
I called the reversal about 3 weeks ago and I think that AC is trying to prove that this was just a temporary sell-off. The stock has fallen from highs of $28.50 to $21 and is now trading at $24.93. Fundamentally AC is strong with a good position in the Canadian market. It is showing on the chart attached that it is hovering around support zones and will probably...
Good morning all, I hope your weekend was spent well and are ready for another trading week.
Air Canada is my favourite stock pick of the year, I was long at $21 a couple of months back and I have seen a solid 26% gain. However, I feel as though we are in for a trend reversal. I still like where I own the stock and will be buying on pullbacks. I can see this...
Rather interesting situation with Air Canada shares was observed. Following sideways trend intraday, shares went above the old level of 9.24. Air Canada managed to regain after a sharp drop. Spike followed by a pullback is incredible. Reaction can be very strong, and failure swing pattern has already begun to shape. Taking into account the abovementioned, we can...
