Additional Price Target for ACI

One additional near-term pullback target (8.33) has been added to this 15-minute chart of ACI. Depending on how oil trades, I may cover some or all of my position just above any of these support levels. The 4-hour period chart below highlights that since the initial tag of this downtrend line shortly after the open today, ACI has since stalled, yet to surmount that resistance level & will likely reverse soon.

It should also be noted that this is a very aggressive, counter-trend trade as the recent rallies in some of the coal stocks that were mentioned recently (ACI, BTU & CLD) have been very impulsive, with the stocks in a nearly vertical rip on very high volume. Once again, I'm simply looking for a quick, oversold-pullback-from-resistance trade.

2017-03-08T21:20:19+00:00 Aug 31, 2015 3:27pm|Categories: Completed Trades - Short|Tags: |Comments Off on Additional Price Target for ACI