Next week’s trading will play a critical role for Advanced Cell Technology (ACTC) Stock. That’s because, in all likelihood, the price will either break above impeding resistance or fall below nearby support. But first, here’s an annotated version of the day-to-day chart, which clearly depicts a strong uptrend to ACTC shares:
However, as we move onto a broader price chart, Advanced Cell Technology (ACTC) is seen approaching a do-or-die triple top. I annotated the weekly chart (below) to illustrate this idea.
The triple-top chart pattern is a bearish setup. It forms when the price finds itself unable to break above resistance, thrice. We are now approaching long-term resistance (as noted above) for the third time.
Please do not misconstrue what I am writing. The triple-top pattern has not yet formed. In fact, with the price approaching long-term resistance it may lend itself way for an emphatic breakout.
The other side of the coin is that if the price breaks above long-term resistance it will be considered a ‘blue-sky’ breakout – in other words, an environment with no quantitative resistance to speak of.