Volume and price patterns in ACAD are giving me a reason to enter the market here.
ACAD is trending strongly on a longer term basis. Price momentum on a quarterly basis is solid and it is retesting the breakout level after a tough week in the overall market last week. The advance by ACAD from 2.30 to over 3.00 was on a solid increase in volume, indicating strong, new shareholder interest and long term support. The recent slide from 3.00 back to 2.20 was on lighter volume, indicating a "wait-and-see" attitude from the new shareholders.
I view $1.80-$1.90 as the stop loss area, which is a wide stop, but I feel it is necessary on a stock that can move 10% or 20 cents in a day.
Thanks to TradingView publisher liljacat for pointing out the chart originally or else I wouldn't have wandered into such a new, low-priced stock.
ACAD is trending strongly on a longer term basis. Price momentum on a quarterly basis is solid and it is retesting the breakout level after a tough week in the overall market last week. The advance by ACAD from 2.30 to over 3.00 was on a solid increase in volume, indicating strong, new shareholder interest and long term support. The recent slide from 3.00 back to 2.20 was on lighter volume, indicating a "wait-and-see" attitude from the new shareholders.
I view $1.80-$1.90 as the stop loss area, which is a wide stop, but I feel it is necessary on a stock that can move 10% or 20 cents in a day.
Thanks to TradingView publisher liljacat for pointing out the chart originally or else I wouldn't have wandered into such a new, low-priced stock.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.