Assessing the trendAC's 8 month downtrend is much in line with the 10 month downtrend of the TSX which broke to the upside last week. Believe it or not, excluding the high AC made in November, The high of 8.77 made a couple days ago lines up perfectly with the previous peaks on the downtrend. IMO we need to break this level and we need to break on heavy volume to initiate a reversal pattern. I think since there are no real big expected announcements for AC, this will be largely depending on the strength of the TSX and the airline index. The airline index is lagging somewhat, however remember it lost over 4% in one day on Republic Airways filing for bankruptcy. This stock was down 60-70% down on this day and even though none of the other airlines were affected by the news it still pulled down the airline index tremendously. Taking into consideration this binary event, the airline index would have broken through it's downtrend line as well, and today would have been a fall back to test the line as support. So basically there is no reason to get excited unless AC can break through and hold above $9. Even though the stock is way up from the $7 level, technically it's still lagging in comparison to the group and our main index.