Engulfing pattern on ACR

ACR is showing some bullish sentiment via Engulfing Pattern. The 38.2% Fibonacci Retracement level is today’s support as price close above it. Another back up support is the Kijun Sen line which is moving horizontally at 1.74. Although Engulfing pattern is in a bullish position, this is not a strong reversal pattern. We need to see a confirmation tomorrow via a gap up or a long green candlestick.

Ichimoku elements are still in a bullish setup. Test buy near the supports is a good move.

RSI or Relative Strength Index is at 53 and is pointing upwards.


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