ACB Weekly Analysis

13 May 2019

The nested high 2 bull flag from a few weeks ago failed to get strong follow through. However the selling pressure so far is not that strong (small bars, weak closes, tails below). The bulls will likely try to form a larger high 2 and double bottom around the failed sell setup at $7. Prices are currently in a large $5 bull flag trading range, therefore the bulls and bears will look to buy low and sell high. The bulls need a strong breakout to a new all time high to create a stronger chance for a measured move up. More likely there will be some profit taking at the high, and a strong reversal would form a large wedge reversal for at least two legs down.