Let’s read ACB chartOleg Alexandrov
Pot stocks are headliners these days. Let’s read ACB chart
After extra-big spike in volume amid rising up-bars in March, price declined more than 75% until the current days.
Study the volume. After breaking down 3.50 support level (blue line), price started to decline with increasing speed. This brings panic to market. We have the highest volume on 18/Nov. I always suggest extremely-high volume on down bars as the potential selling Culmination movement (Hidden strength).
- 18/Nov down bar hits the bottom line of the down wave channel
- next two bars are green.
So, what is next?
Probably, we are entering the accumulation stage. It will take too much time to absorb the supply at the lower prices before switching to up-trend mode. New lows can arrive, but I do not expect wide breakdowns. Bearish progress should stall, and horizontal range between 2.0 and 3.0 is going to develop IMO
Yes, You Can Become a Professional Chart Reader
To build success in any business, you should rely on things that really work.
In Chart Reading Method, they are three: The Law of Inequality, The Law of Supply & Demand, The Law of Effort & Result.
Download free books, to understand how can you apply the Laws and convert charts into profitable setups daily!
Enter your email to Download books
No spam is guaranteed.