Support should hold for ACR to continue going up

ACR broke the 2.04 resistance last week as it close at 2.14. This resistance becomes our newly found support. Since our RSI or Relative Strength Index is already at the overbought level, expect some selling pressure but if the support will hold then ACR will continue to go up and deliver new high. Its retrace to 38.2% Fibonacci Retracement level means there is a potential it will go up to 2.50 per share. Again, monitor the support level.

Caveat!

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felix

A computer engineer by profession and loves to develop online systems/websites. A self-taught stock trader who loves to share his knowledge and enjoys learning, expanding knowledge and staying well-informed. Most often he uses candlesticks, Fibonacci Retracement levels, Ichimoku system on his technical analysis but loves to hear some rumors as well.

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