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Are the charts suggesting to buy the dip in AeroCentury Corp?

Are the charts suggesting to buy the dip in AeroCentury Corp?
Stock market
Ansh Rathod
Author
Ansh R.
Oct 12, 2021, 10:37 AM
  • This could be the long-awaited correction after the huge spike in the price of over 70% in September.
  • ACY has a demand zone at $46, thus there is a chance that it will reverse from the demand zone.
  • ACY should make a new all-time high once this correction is over, this is why ACY is a perfect buy the dip sto

Shares of AeroCentury (NYSE American: ACY)  closed almost 20%, $11.41 lower on Monday.

It was a tough trading session on Monday for ACY as selling volumes were extremely high during the day and buyers were nowhere to be seen.

After a 10% surge in the price of ACY last week, this could be the long-awaited correction after September's large gains. Patient investors waiting for a lower entry point should start paying closer attention to ACY's price action.

ACY weekly chart

Conclusion

ACY has some great potential but patience is key here. An entry at current levels is not recommended and investors need to wait for confirmation of a clear reversal before buying. Shares of AeroCentury were trading in the red on Tuesday and the stock could test the $38 levels.

Only at that point should investors consider buying AeroCentury stock.    

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