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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