Request from user @hoperushing; ACB has potential to the upside!

ACB has taken a real hard beating; down from high of $150 to now at $11!

Nonetheless, I think it has seen the bottom at $4 back in Oct '20.

Per the Weekly chart, I like the 'rounding' price pattern/ forming of a cup pattern..which means it should head back up in the years to come! So if you're investing, this is a good stock to look into.

From the Daily chart perspective, it does look to inch up to target profit 1 ($15) level. Target profit 2 ($20) level might take awhile to reach..depending on the price action leading up to $15

(Disclaimer: not giving any investment advise. Just sharing views)

Commentaire:

Although the analysis is based on the Weekly chart, but the selling pressure is currently on.
Looks like it's pulling back to $8 level, which will be a good place to add more position

Commentaire:

i think this rebound should take ACB to $12.50-13 level. If it does, then chances are the original weekly setup is still intact.

$14 might be a little too high for target profit 1, but we shall see

Commentaire:

Engulfing pattern on Daily chart.
If selling pressure push price down below $8.65, then this setup is considered invalidated.

Commentaire:

no selling pressure yesterday.
Looks like it will slowly inch its way up in the upcoming weeks

Commentaire:

Setup still valid. But because the momentum is weak, it looks to take longer, perhaps weeks, for it to reach target profit 1

Trade fermée manuellement:

Unfortunately price continues to grind lower back to strong support level at around $8 area.

It might bounce back up, but it's taking too long. May have other better shares to put your cash in.