Acasti Pharma Falls To Support, Stages Huge Rebound

Shares of Acasti Pharma, Inc. ACST fell to the 40-cent support level. Then they rallied and hit resistance at the 58 cents level and are selling off again.

There is resistance at the 58-cent level because it had previously been a support level. The investors who bought it at 58 cents experience buyer’s remorse when the shares traded below this price.

Many of these remorseful buyers decide to sell, but they will only do so if they can get the same price they paid for it. This way they can erase their mistake without losing money.

As a result, a large number of sell orders have been placed at 58 cents. This has caused resistance to form. Acasti has formed a trading range between 40 cents and 58 cents. It could stay within this range for an extended period of time.