Ignoring the recent daily wedge, ACB has been trading between $8.75 and $9.25 for few weeks now. The lowest bounce was at $8.50, and that dip got bought aggressively.
Looking at how the recent dips line up, we see an ascending triangle toward $9.25 resistance. This is generally considered a bullish setup. From the looks of it, direction will have to be taken around May 6th. Earning report is due on May 9, so that may just line up nicely. If earnings beat, I think we may be looking at a break out to former highs at $12.50, and possibly/hopefully a break out above that.
At the same time, a break out below $8.50 could trigger a significant series of stop losses.
Looking at how the recent dips line up, we see an ascending triangle toward $9.25 resistance. This is generally considered a bullish setup. From the looks of it, direction will have to be taken around May 6th. Earning report is due on May 9, so that may just line up nicely. If earnings beat, I think we may be looking at a break out to former highs at $12.50, and possibly/hopefully a break out above that.
At the same time, a break out below $8.50 could trigger a significant series of stop losses.
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In fact, the current sideways range meets the longer term bottom trend line on May 9. I suppose it is true what they say: the chart knows more than you.
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