Support area near 200MA (740~747) holds up despite the recent market wide selloff. This support area is also significant as previous resistance prior to breakout that now being tested again and act as major support. Now that positive sentiment seems back on the market, AC may likely start consolidating just above this support or rebound from there.
*Bullish pattern developing on MACD
*Oversold
*Immediate resistance around 800
Trading Plan
- Buy near support.
- Short term TP near resistance around 800.
- Stop-loss just below 740 (735 below) - around 1:4 risk/reward ratio.
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