Loading...
Traders Beware!
Warning!

Fraudulent websites posing to have a connection with JFD

Please be aware of fraudulent websites
posing as JFD's affiliates and/or counterparties

More information
by Darius Anucauskas

The ACS Stock Is Stuck Between The Lines

Looking at the overall technical picture of the ACS Actividades de Construcción y Servicios SA Stock (BME: ACS), we can see that it is stuck between two lines: a medium-term downside resistance line, taken from the high of April 30th 2019, and a long-term upside support line, drawn from the low of October 23rd 2018. Some might even see a possible squeeze building up. Eventually, if one of the lines gets broken, only then that we will consider a further directional move. Until then, we will take a neutral approach and wait for the right time.

If the price continues to balance below the aforementioned medium-term downside line, this could maintain the bearish atmosphere, especially if the price slides below the previously-mentioned upside line and below the 33.13 level, marked by the low of last week. This way, existing investors might liquidate some of their positions, which may bring ACS down to the 32.27 hurdle, or the 31.72 mark, which is the low of December 27th, 2018. If there is still no interest in the stock at that mark, this could lead to a further decline, possibly aiming for the 31.29 level, marked by the low of October 23rd, 2018.

Alternatively, if the share price gets pushed, not only above the aforementioned downside line, but also above the high of last week, at 35.46, this may attract more-buying interest going further. We will then aim for the 36.00 hurdle, a break of which might clear the way to the 37.35 level, marked by the high of November 5th, 2019.

ACS daily

Disclaimer:

The content we produce does not constitute investment advice or investment recommendation (should not be considered as such) and does not in any way constitute an invitation to acquire any financial instrument or product. The Group of Companies of JFD, its affiliates, agents, directors, officers or employees are not liable for any damages that may be caused by individual comments or statements by JFD analysts and assumes no liability with respect to the completeness and correctness of the content presented. The investor is solely responsible for the risk of his investment decisions. Accordingly, you should seek, if you consider appropriate, relevant independent professional advice on the investment considered. The analyses and comments presented do not include any consideration of your personal investment objectives, financial circumstances or needs. The content has not been prepared in accordance with the legal requirements for financial analyses and must therefore be viewed by the reader as marketing information. JFD prohibits the duplication or publication without explicit approval.

There are risks involved with trading of cash equities. Past performance is not indicative of future results. You should consider whether you can tolerate such losses before trading. Please read the full Risk Disclosure.

Copyright 2020 JFD Group Ltd.

 

WEEKLY FINANCIAL NEWSLETTER
RIGHT INTO YOUR MAILBOX!
SUBSCRIBE TO JFD'S STRATEGIC REPORT

MORE MARKET INSIGHTS