Allied Esports Entertainment Trades On Higher Volume: Technical Levels To Watch

Allied Esports Entertainment AESE shares were trading on increased volume in Wednesday’s trading session.

No company-specific news is evident to explain the increase in volume; the company has been trading on increased volume for the last three months.

Allied Esports Technical Levels To Watch: The 5-minute chart below shows what technical traders may call an ascending triangle pattern that has broken out of previous speculative resistance. Higher lows were condensed into short-term speculative resistance near the price of $2.60 before breaking out of the resistance.

A technical trader would consider whether the price can stay above the previous resistance and turn into a support level.

The current high of the day, $3.08, could be a potential new resistance level.

The short-term bullish technical trader may like to see the stock break the new speculative resistance to a new high and repeat the process of old resistance turning into new support.

The short-term bearish trader would like to see the price fall below the speculative support level and consolidate below before a further move down.

The daily chart shows a similar pattern to the 5-minute chart: higher lows building up to a resistance before breaking out and possibly consolidating above.

The speculative support level on the daily chart is near the price of $2.50. The price was unable to break above this level many times in the last year.

One can speculate whether previous highs reached in the past near the price level $3.50 could possibly become a new level of resistance.

Ideally, a bullish long-term technical trader would like to see the resistance break with consolidation above before more movement. On the bearish side, it would be ideal for the price to fall back below the current long-term speculative support level of $2.50, with a consolidation period before a lower move may be possible.

Aese is currently trading with a market cap of $55 million and trades with a public float of 18.59 million shares.