ACB - Preparing the Reversal? Let's see what the fuss is about!
Some interesting things are developing with ACB TSX:ACB so let's get into the meat and potatoes shall we?
Taking a look at the daily chart, First thing to take a look at is the rising channel show in blue and the serious of falling wedges (bullish indicators) shown in green. Here is my technical argument as to why i see a return to 10-12.50 in the next while. Since the January run we can see price action moving above the 50 EMA in very impressive fashion. Interestingly enough we looking to test the 50 EM once again and in addition you can see Fib. retracement level here at .62.....a very important place to hold. With slowing selling pressure and more buyers volume support (shown in red ovals), we are forming a very nice bullish consolidation pennant forming, with could results in a sharp reversal if price action doesn't drop below the 50 EMA.
My take away is to watch the RSI level carefully as we approach 40. If we levels rebound here, expect some major resistance as we move back towards the blue rising channel.
**Buying and Selling are solely your responsibility and cover all your bases....due your due diligence, never buy because ANYONE tells you to!**
Enjoy the weekend folks!
