The ACB price reached the support level of $7.4 as predicted last week, should the Bears exert more pressure and the $7.4 level is break downside $6.8 price level will be the next price target.
Resistance levels: $8.0, $8.4, $9.0
Support levels: $7.4, $6.8, $6.1
ACB Medium-term Trend: Bearish
The Bears are still in control of ACB market in the medium-term outlook. The ACB price reached the support level of $7.4 as predicted last week. On June 14, the Bulls rejected further decrease in price and there was a pullback that is why the market closed with a bullish candle.
Today, the Bears are gradually increasing their momentum in the ACB market. Should the Bears exert more pressure and the $7.4 level is broken downside $6.8 price level will be the next price target.
ACB Short-term Trend: Bearish
ACB is bearish on the short-term outlook. The ACB price bounced at the support level of $7.4 with the formation of a Doji candle followed by bullish candles on June 14. On the same day, the price was rejected at the dynamic resistance level of 50 periods EMA. The Stock’s price is returning to the previous low of $7.4.
The ACB price is trading below 21 periods EMA and 50 periods EMA. The Stochastic Oscillator period 14 is at 50 levels with the signal lines point down to indicate sell signal.
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