Long
ACT breakout but resistance ahead
ACT has been on a great bull run since breaking out from a pullback/consolidation (and the 2000 high) in early 2012 - as can be seen on the weekly chart.
Unfortunately, the trend hasn't been as smooth on the daily chart throughout 2014 - with multiple breached of the 50ma (which should act as support). Since December 2014, however, we have seen the trend just start to smooth out again. Once price managed to break above the $250 half figure, and the subsequent retest with a double bottom, the 50ma has shown itself as beginning to act as support again.
If price can cleanly break thought $300 this could well offer a long-term buy opportunity. But if price struggles at this level we may want to wait for a comfortable retest and continuation before trading this stock.
Unfortunately, the trend hasn't been as smooth on the daily chart throughout 2014 - with multiple breached of the 50ma (which should act as support). Since December 2014, however, we have seen the trend just start to smooth out again. Once price managed to break above the $250 half figure, and the subsequent retest with a double bottom, the 50ma has shown itself as beginning to act as support again.
If price can cleanly break thought $300 this could well offer a long-term buy opportunity. But if price struggles at this level we may want to wait for a comfortable retest and continuation before trading this stock.
Web: dt.live
Instagram: instagram.com/dynamictrader
Twitter: twitter.com/dynamictrader
Instagram: instagram.com/dynamictrader
Twitter: twitter.com/dynamictrader
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.