Acromec just kept rising on some acquisition news. However there was one detrimental day whihc was Oct 31st where the company reported some profit guidance and the stock dropped a heavy 29% in one single day! As of now, Acromec is reaching that supply zone where the heavy dropped first happened which I believe sellers and stale bulls who bought up there are looking to cut loss/take profits and hence I am staying out.
The chart has heavy profit taking back in the September period, combined with that lack of buyers thereafter, it's only wise a drop would happen. At the bottom, the COB with the weak selling combined with that small mini collections in the minute chart as attached above, the stock was then on the rise. This was a good stock to trade and one should look for the next opportunity. Will share more on my workshop next week when I reveal more of such opportunities in the market.
Update 7/12/2016, 12.27pm
Acromec shot up further with 3 more pips to a high of 0.525. More importantly, after my initial blog post above, the stock appeared in the Top Volume now!
Ronald K - Market Psychologist - A Stock Market Opportunist
