ACB weekly analysis

6 May 2019

ACB formed a failed high 2 lower high sell setup which triggered on the open of this week. Since prices have rallied, possibly setting up a wedge bull flag at the EMA. However this could also be the bulls trying to get out around break even from the high 2 buy setup. The past few weeks have been sideways, indicating some bull profit taking. If this week closes on its low, the bulls will likely get out and wait before buying again. If instead this week closes on its high, the bears will likely give up and the bulls will get a test of the $13 close or the all time high.