ACB finds it's support
My last published piece on ACB indicated the bulls were looking for a new base of support, and today it's become clear that line in the sand is $12.00. The day started with a higher open and a strong attempt to break $13, and profit taking starting a minute into the day. Bulls immediately fill the gap to the penny and tried to rally from there, but were unable to do so and bounced off of $12.01.
At numerous times today you could see $20 million on the bid between $12.00 - $12.15, telling me white the chart support is down at $11.44, this is where people find VALUE and that's an important support level too. With weakness today across the sector and weakness in the overall market with reaction to the FOMC minutes and the declaration that "stocks are too expensive", it's going to be very telling how the price reacts to $12.00 tomorrow. That's the line in the sand.
Hourly resistance to give us confidence the daily higher low is in is at $12.60, that small range will be on watch tomorrow. That break will give us directional momentum for the next couple of days.
At numerous times today you could see $20 million on the bid between $12.00 - $12.15, telling me white the chart support is down at $11.44, this is where people find VALUE and that's an important support level too. With weakness today across the sector and weakness in the overall market with reaction to the FOMC minutes and the declaration that "stocks are too expensive", it's going to be very telling how the price reacts to $12.00 tomorrow. That's the line in the sand.
Hourly resistance to give us confidence the daily higher low is in is at $12.60, that small range will be on watch tomorrow. That break will give us directional momentum for the next couple of days.
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