Updated
ACB up trend not (yet) lost
Not sure how long this will continue, and I do suppose it depends a lot on the broader market right now, but while a trend line is hard to draw anymore, one last characteristic of this 3 month old up trend is still in tact. Bouncing on the 26 EMA seems be to be a thing. Meanwhile the RSI has properly cooled . The whole set up looks pretty fragile at the moment, in my opinion. While support was very strong at $8.80 before, bulls allow the price to settle here today.
We need a proper bit of news, otherwise the bears may take the upper hand for a time.
We need a proper bit of news, otherwise the bears may take the upper hand for a time.
Note
There is incredible support at the $8.80 level. Could that be institutional investors stocking up for the next rally? I accumulated another batch at $8.65 on Wednesday. Seems so far that that was a pretty solid move. I currently have 50% of my ACB budget invested, so I am ready for ACB to move in either direction. Remember that I am not a swing trader. I am long, but simply try to protect my earnings by selling before consolidation, only to buy the dip and be long again.Uptrend channel suggests target of next leg up will be US$11.00
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.