Credit Acceptance Corp - good levels for long with trend


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Credit Acceptance Corp (CACC.US)
Chart: D1

Our expectations: We expect the price to maintain the upward trend, after a correction to diagonal and horizontal support coinciding with 23.6% Fibonacci correction.

Alternative Scenarios: If the price goes back below the horizontal and diagonal levels of support, the positive scenarios will be spoiled and we are more likely to see a fall in stock price.

Ascending trend
Correction to diagonal and horizontal support level
Correction to 23.6% Fibonacci retracement
Breakthrough of short-term diagonal in the upward direction - positive for the price

Price Action: the presence of two Pin bars forming a formation of two teats down the levels of support - a strong positive signal
Sequential displays a unit above the signal bar - a signal for a new upward movement
Demarker (8) - Turns out of and out of over-sales area - Positive for price and possible new upward movement.

Financial data of the company:

Charts: Bloomberg Pro Terminal

Jr Trader Petar Milanov

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