ACC : Update

Richard Woon has an update on the dividend for ACC on SeekingAlpha. In the article, he highlighted some of the possible outcomes. I encouraged for those who are more interested in the fundamentals of ACC to visit the site and read it.

Personally, I shorted ACC yesterday. The position is meant to be short term trade.

1. With yesterday’s drop, we can see that the opening price was right below the 200 day EMA. A perfect indicator to hold ACC’s advances!

2. Over the next few days, the fear indicator from the Swine flu will continue to have an impact on the market. I remember that during the SARS days, the fear was at its height. People were grabbing the N95 masks (and any other masks available in the market) for protection. A lot of it will depends on whether this bug will continue to spread.

3. For now, I will just stick to some simple support level and take profit wherever the opportunity presents. Support level 1: 20.74.  Support level 2: 18.96

4. Do note, that at this moment, this is not a bearish trend. Rather, it is more of an intraday play. We can also see from the chart, that the volume for selling is pretty high as well. I suspect this is just some smart investors/traders taking profit. But, if the selling persists with high volume, those who are ‘long’ in this counter might want to take note that it could be the ‘big boys’ selling.