ACS - getting close to breaking support

[bubba7]

This stock is going to "sleep"

If you have a volume BO it could go either way.

Better set up bracket trade on the slow centering.

Attached is the ever narrowing trend segments and the envelope on the daily.

you can see that so fare volume surges will not sustain a BO. All suges of volume leadto "fialure to BO" regarding price.

It will take big time news to shake this guy loose. do an FA and see what news created what volume in the last three years.

sleepy time for this guy.

 

[inandlong]

Quote from bubba7:

.Attached is the ever narrowing trend segments and the envelope on the daily.

Intersting chart analysis. The previous bounce that occured this late in the apex carried the stock from 40-65 in about 4-5 weeks. Say you have 4K shares on... that is a nice return for that unit.

If instead of breaking down it rallies to the present upper limit of the narrowing range, then the price could be expected to reach 60+. That would provide a nice 10 point opportunity or better.

Thanks for the pic bubba.

 

[kernan]

Good thread. Here is a weekly view - it looks like ACS is poised to fall off a cliff. First target would be the 200 Week Moving Average (red dashed), ~37.00. Next would be the 2002 low.

 

[RAMOUTAR]

Quote from Gary_McLaughlin:

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.

I see all that your saying. I see the $41.50 to $43 range as a big thick slab of concrete that's going to need a big jackhammer of selling pressure. However, the overal trend of the stock suggests that this has a good chance of happening. It would be interesting to see how strong that support is (stretching back to a couple of years ago).

Gary

 

[RAMOUTAR]

Quote from Gary_McLaughlin:

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

I put my reply in your quote....



I see all that your saying. I see the $41.50 to $43 range as a big thick slab of concrete that's going to need a big jackhammer of selling pressure. However, the overal trend of the stock suggests that this has a chance of happening. It would be interesting to see how strong that support is (stretching back to a couple of years ago).