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: Bearish
On the medium-term outlook, ACB price is bearish. The sellers gained more strength to push the ACB price down towards the $7.4 level and to break it down. The Bears’ momentum emancipated the ACB from the consolidation zone that it was before.
Should the Sellers successfully break down the $7.4 level and the bearish candle closes below the level ACB price may decrease further to the $6.8 level. ACB price is still trading below the 21 periods EMA and 50 periods EMA at an increased range to the two EMAs. Meanwhile, the Stochastic Oscillator period 14 is above 20 levels with the signal lines pointing down to indicate sell signal.
ACB Short-term Trend: Bearish
ACB is bearish in the short-term outlook. The Bears prevailed over the Bulls and the price was pushed down to break $7.4 price level. The price is currently exposed to the demand level of $6.8 level. Further increase in the Bears’ momentum will further decrease the ACB price.
ACB price is trading below the 21 periods EMA and 50 periods EMA and the two EMAs are gradually separating from each other, which connotes further decrease in price
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