$ACB Weekly Analysis
The past few weeks have been sideways to down from a lower high, but weak selling pressure. The bears want the lower high to hold and to test the double bottom around $5. Prices are currently in a converging triangle and bull flag trading range as both sides fight for control. If this week closes on its high, it would be a wedge bull flag, double bottom pullback, and also a double bottom with the previous failed bear reversal. If the bulls are able to form a wedge flag soon and keep the 5.25 bull gap open, they will increase the probability of a test of the all time high. Although there will probably be some profit taking at the new high since a trading range. The bears need strong consecutive bear bars and a breakout below the double bottom before the market is clearly no longer controlled by the bulls.
If you found this helpful, please like! Feel free to comment or ask questions.
If you found this helpful, please like! Feel free to comment or ask questions.
Related publications
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.