We saw the ACB pop to $10.5...on an oversold bounce ( RSI below 30). Some newbies were thinkg "Happy days are here again."
Then we saw,as I predicted, a reversal, to a range yesterday.
And then we see another dump today..and ACB will continue to fall, according to my analysis of the vsndlestick charts
The downtrend continues after a brief bounce (a brief spike in price during a downtrend.)
Where is the bottom??
No one knows---sometime after ACB announces its quarterly earnings on Sept..22, when management is expected to announce another write down of $1.8 billion and lower than expected revenue for the quarter...
I fully believe ACB can drop to the gap up, which occurred several weeks ago....somewhere around $7......
which would mean another all-time low.
No reason to buy ACB yet, perhaps never. Financials are brutal.
Charts indicate a down trend on the daily time frame.
ACB's share price is below the 5 day and 20 day Moving Average...
Want to trade????
Learn the basics of candlesticks---uptrend, down trend, support and resistance...the anatomy of a bullish and beardish candlesticks
Learn Time frame analysis---chart direction on 1 min,, 5 min, 15 min..30 min...1 hr... 4 hr...daily...weekly, monthly...
And, at the very least, learn the technical indicator called "moving average."
I am looking to buy in after earnings, and when ACB trades in a range---the accumulation phase of the stock cycle.