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ACS: the one who plays with fire ends up burning

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If you remember, in previous analysis of the construction company we referred to the important support of 24 euros as a level of control to be respected at all times. Well, after adjusting the price series to the recent capital increase, the homologous support to the old 24 euros now corresponds to approx. 23 euros. Level that was clearly pierced this Wednesday in closing prices. All in all, let's wait and see what the close of the weekly candle tells us. If it manages to close above 23 euros, nothing will have happened here.

But if it is placed clearly below this support it is advisable to be cautious. Why? Because then the price would be shaping a 'double top' corrective implications for the underlying. This is a bearish formation that points to price levels close to 19-19.50 euros (the height of the formation). Therefore and as a summary we are going to wait to see what the closing of the candle is this Friday. If it manages to close clearly above 23 euros we will leave the door open to the fact that it is a false loss of media.

ACS weekly chart

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