AC is now potentially consolidating in an Ascending Triangle pattern (a bullish pattern) after failure to break the immediate resistance at 800. A breakout from this pattern will have a measured target of around 736. As the consolidation pattern suggest, a pullback towards 760 level is still possible.
Trading plan in the previous post was a done trade already after hitting 800 short term target:
http://psetrends.blogspot.com/2015/07/ac-trading-buy-near-support.html
Trading Plan
- Buy on breakout that is supported by high volume (TP = 864).
- Or accumulate on dips near 760 with tight stop just below 745 or 736. Near term TP on this entry is around 800 (potential scale down price) and profit run the rest of the position (using trailing stop). Risk/reward ratio remains decent at a minimum of 1:2.
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