Sorry everyone, I can't post a link because it comes from a commercial site. However, you can click on my profile to get the link to the chart. It's on page 5. And, this is not spam. This is bonafide stock pick that you can actually make money on.
They must have heard you and were afraid of the size you influence. Seriously, ACS looks ready to step into the abyss for 4-5 points or so, maybe 8-9. All the charts from 5 min up to the monthly allow for a nice drop if 45 is taken out. Of course this is just my opinion and does not represent the opinions of EliteTrader. This is not advice. No express or implied guarantee is provided. Trading involves risk and can result in the loss of a substantial amount of money. Do your own due diligence. Thanks for the heads up Gary!
Welcome to ET. I'll spare you some of the welcomes I have received from SOME fellow Seniors here. I post here to help people as well, and I get alot of questions, most of which are constructive. So here's a constructive question... What's your opinion of all the significant support between 41.5 & 43? If you think this stock will sink right through it? What indicators or events are you looking for, from a momentum and technical standpoint? Where's the stop? Look forward to you answers. Keep up the great work. Be well.
I would say that if that thing breaks $43.50 it will freefall to $39.75 and rebound a little. It could be forming a multiple bottom too and might hold the $44.00 support on falling volatility in which case you won't have any big move to trade until it breaks out a little bit. Max
That's what I see too maxpi. I think prudence, with all due respect to the Beatles, dictates waiting for a break of 43.50. And as Gary is suggesting I think, selling a break of today's low minus some pennies is a reasonable and more aggressive trade. Longer term on the weekly chart, ACS is trading below the 20, 40 , and 50 sma's, with the 200 about 36 1/2. But the trendline connecting the lows of Oct 2002 and April 2003 is just about at the current price also.
Ramoutar, I'm looking for a break of support at 44.00, as it stands now. There is a significant amount of support from there to 40.00. I'm measuring the target using the pivot point from 49.60. That would give me a target of 38.40 (49.6-44). However, I feel the recent low of 40 is more significant than the projected target. If it bounces there (40) I will cover and look to reshort if it breaks 40 at a later day. At that point, the target would be the 52 wk low of 32. The thing that stands out the most is the large surge of volume that occurred at the end of May. The stock failed to make a higher high, which is bearish. The last bounce that went from 43.90 to almost 47.50 occurred on even lighter volume - again, bearish. Looking to go short. Gary