As some might know, I did an analysis of
ACHR a while ago. It played out, only I forgot to close the idea.. Anyway, we have a new situation now. Direction is the same, pattern has changed. Looking at ACHR on the 4H chart, it is clearly trending down the last month. But a pattern is appearing, that of a Falling Wedge. This is a Bullish pattern. Sometimes this is confused with a continuation pattern, indicating the downturn is continuing. However, we have some strong green candles, telling us there are buyers out there. Volume on green candles are generally higher than the red candles. This indicates sellers are running out of gas. A Falling Wedge is considered a strong Buy signal. And, falling wedges often follows a sudden reversal of an uptrend, which can clearly be argued in this case. Entry is usually at the break of the upper channel line, but this is discretionary. Target is (previous) high inside the pattern (€5.43). Trade active
Candle closed above the upper channel, trade is live! Not shown in chart, RSI and MACD have turned positive. There is some resistance around $4.10 however I don't think this is very strong, and there is resistance around $4.77-$4.80 which is somewhat stronger. EMAs (50 and 100) are flattening, and appearing to turn up. Trade closed manually
ACHR has not developed as indicated, and has started to look weak. It is consolidating down, if that is a thing, and is not very responsive to any outside influence (market behavior). I am closing this trade, looking for more interesting cases elsewhere.
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.
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.