Freitag Oktober 9, 2009 6:37 vorm. PDT, By James E Brumley
Active Power Inc. (ACPW) is trapped between a rock and a hard place. Under the stock we see a couple of major support lines (blue), but overhead is the first of the major Fibonacci retracement levels. The stock took a swipe at that Fib line this week, but we're not surprised to see it fail to actually hurdle it.
The high-volume pop from Active Power shares is a good sign, but it was made without the best of foundations. This chart needs to retreat and regroup, and then take another, more methodical shot at cracking the ceiling at $1.10. At this point, investors are still worried that ACPW is simply volatile - not bullish.
If the resistance at $1.10 can be broken, then the next hurdle for Active Power shares is $1.62... the 61.8% Fibonacci line. That area was also a problem for ACPW in June of last year.
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