In case the bullish candle closed above the $7.0 level, there is a tendency for the price to reach the $8.0 resistance level.
Resistance levels: $7.4, $8.0, $8.4
Support levels: $7.0, $6.1, $5.5
ACB Medium-term Trend: Bearish
ACB price is bearish on the medium-term outlook. The bearish momentum is getting weaker on the 4-hour chart in the ACB market. The bears pushed the price to the previous low of $7.0 but unable to break the barrier at the level. The Buyers came in with increased momentum and pulled the price back to break up the $7.4 level.
In case the bullish candle closed above the $7.0 level, there is a tendency for the price to reach the $8.0 resistance level. The ACB price is having direct contact with the 21 periods EMA but yet to reach the 50 periods EMA; it is evidence that the bullish momentum is increasing. The ACB price is still trading below the two EMAs at a close range, The Stochastic Oscillator period 14 is at 50 levels with the signal lines pointing up to indicate a buy signal.
ACB Short-term Trend: Bullish
ACB is bullish in the short-term outlook. The Bears lose their momentum at the demand level of $7.0, the Bulls gained more momentum and the price break up the barrier at the $7.4. The price is placed above the level facing $8.0 level.
The Stochastic Oscillator period 14 is above 75 levels with the signal lines pointing up to indicate a strong buy signal.
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