Stock: ACEN
Company: AC Energy Corporation
Support: 6.30 / 6.00
Resistance: 6.92 / 7.00


ACEN’s selling momentum is starting to gain more and more traction. It started the week off with a two-day breakdown and the indicators are supportive of further downtrend.

It looks like ACEN is on its way to testing the support at 6.30. This level is a psychological barrier as well, since ACEN opened at 6.30 during the post-SRO ex-date selldown.

Tomorrow will be a crucial day for the stock, for it will determine whether or not ACEN will bounce back up or continue breaking down. RSI is still far from the oversold region. MACD signal lines have just crossed over to sell signs. Volatility in terms of ATR is at new highs, so the range could be much bigger.

After the 6.30 support, the next level to watch is at 6.00.

Recommendation

Buy when support holds.

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