APC - breakout and fibonacci retracement

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APC = 0.76 (4.1%)

First of all I would like to thank Broker M (the official broker of absolutetraders.com) for pointing out APC as a very promising issue.

APC recently broke out of a short consolidation pattern to rally and post a high at 0.79. Last trading day, APC managed to form a white candle that seems to be engulfing a somewhat smaller black candle, which can be a bullish signal - bullish engulfing.

Trading of APC today we will try to look for signs that will confirm its bullishness: forming a lower high, closing above 0.79 (the recent high and possible psychological resistance), and big volume (preferably more that 74M).

Resistances: 0.79, 0.84/0.85

Supports: 0.64 (previous resistance
Fibonacci retracements:
38.2%: 0.70
50%: 0.68
61.8%: 0.65

Good luck to all APC traders and thank you again Broker M!

(for referrals to Broker M kindly send me an email or post a comment)

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