The breakdown of the demand level at $7.4 by the Bears will expose the $6.8 level which may be its target.
Resistance levels: $8.0, $8.4, $9.0
Support levels: $7.4, $6.8, $6.1
ACB Medium-term Trend: Ranging
ACB price is ranging in the medium-term outlook. ACB price reached the support level of $7.4 on June 14; the Bears were unable to break down the demand level of $7.4 due to low momentum. Likewise, the Bulls were unable to push up the price beyond the $7.4 area. The ACB started consolidating at the mentioned level.
ACB price is trading below the 21 periods EMA and 50 periods EMA at a close range to the two EMAs. Nevertheless, the Stochastic Oscillator period 14 is above 25 levels with the signal lines pointing down to indicate sell signal. The breakdown of the demand level at $7.4 will expose the $6.8 level which may be its target.
ACB Short-term Trend: Ranging
ACB is ranging in the short-term outlook. The momentum of the Bears and the Bulls are at equilibrium in the 1-hour chart. Consolidation in the ACB market continues until the buyers or the sellers gain enough momentum to push the price to the north or to the south.
ACB price is hovering over the 21 periods EMA and 50 periods EMA and the two EMAs remains tightly close to each other which connotes that consolidation is ongoing in the ACB market.
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