Stock: ACEN
Company: AC Energy Corporation
Support: 9.00 / 8.10
Resistance: 11.00


The stock quickly shed earlier gains after reaching an intra-day high of 11.28. ACEN was sold down during the second half of the trading session but closed a few points above the nearest support of 9.15.

All indicators are still showing bullish buy signals. RSI has calmed down somewhat to 70.75 (previously 91.19), but this nevertheless means that ACEN is still overbought. Note that while MACD signals are still on a buy, DMIs are nearing convergence to a selling bias.

Closely monitor the 9.00 level, for this is the crucial psychological support that cements the difference between a healthy pullback leading to a bounce and a solid breakdown.

Recommendation

Sell on rallies.

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