Company: AC Energy Corporation
Support: 6.40 / 6.00
After the 3-day sell down during the latter half of last week, it looks like ACEN has finally settled near its support at 7.00. Yesterday, however, the support was broken — which places the next base a few points below at 6.40.
From a purely technical standpoint (excluding the possible impact of its FOO announcement later), there does not seem to be a breakout happening anytime soon. Indicators are all on sell signs, but momentum is weak.
At most, we expect consolidation at these levels, between 6.40 to 7.50 — a sustainable enough trading range, seeing as its short MA’s are also close to these prices.