ACH Weekly Technical Analysis
ACH has been trading within an ascending channel pattern for a long time. And this channel is getting narrower; the price is trading around the level at $0.0242.We can clearly see that the price has pulled back to the support level at around $0.0179 in recent weeks and bounced from there. The level at $0.0199 will act as intermediate support in the short term, while the level around $0.0270 will act as the main resistance on the upside.We have the upper border of the channel and the resistance level located around the range between the levels at $0.0366 – $0.0408. If the price surpasses this range, it is expected that the price should technically go up as long as the channel’s length, which makes the level of $0.0570 a potential target in the mid to long term.In case of a downward scenario, the formation will become invalid if the price drops below the level at $0.0179, and then a correction might continue until the support level at around $0.0128.
Summary:
- Price: $0.0242, ACH is trading within an ascending channel.
- Support levels: $0.0199 → $0.0179
- Resistance areas: $0.0270 → $0.0366 – $0.0408
- Possible target in case of an upward breakout: $0.0570
- In case of a drop, a correction until the level at $0.0128 is possible
These analyses, not offering any kind of investment advice, focus on support and resistance levels considered to offer trading opportunities in the short and medium term according to the market conditions. However, traders are responsible for their own actions and risk management. Moreover, it is highly recommended to use stop loss (SL) during trades.
