ACHN Daily Chart ~ Another New High As I mention
Post# of 2559
Posted On: 01/19/2014 9:31:30 AM
ACHN Daily Chart ~ Another New High
As I mentioned on Jan 11, ACHN finally broke above the multi month horizontal resistance in the mid 3.50s. This last week saw the stock close at 4.12 and trading as high as 4.36. That's a nice move from the mid 2.00s back in November (link back to previous charts). This pattern of a rising support channel and a horizontal resistance lines is one of my favorite formations, especially after a large gap down in share price on bad news. Just as stock get extremely overbought when the sheeple chase them, they also become extremely oversold when the sky is falling and the sheeple panic sell a stock into oversold levels. The chart now shows that the closing of that gap to the 7.00s is underway. Additionally, the share price closed above the MA100 on Friday, although the stock is completely outside the upper bollie. Any pullbacks now should be contained by the previous high of 3.99 or in the high 3.00s. Next target I see on the chart is the MA200, currently sitting at 5.62 but falling. GLTA
As I mentioned on Jan 11, ACHN finally broke above the multi month horizontal resistance in the mid 3.50s. This last week saw the stock close at 4.12 and trading as high as 4.36. That's a nice move from the mid 2.00s back in November (link back to previous charts). This pattern of a rising support channel and a horizontal resistance lines is one of my favorite formations, especially after a large gap down in share price on bad news. Just as stock get extremely overbought when the sheeple chase them, they also become extremely oversold when the sky is falling and the sheeple panic sell a stock into oversold levels. The chart now shows that the closing of that gap to the 7.00s is underway. Additionally, the share price closed above the MA100 on Friday, although the stock is completely outside the upper bollie. Any pullbacks now should be contained by the previous high of 3.99 or in the high 3.00s. Next target I see on the chart is the MA200, currently sitting at 5.62 but falling. GLTA
(0)
(0)Scroll down for more posts ▼