ACHR (Archer Aviation) Technical Setup Anticipates an Explosive Upmove
by Mike Paulenoff
December 1, 2024 • 2:10 PM EST
Back on November 12, 2024, fellow MPTrader member "Rayray" wrote the following when ARCH (Archer Aviation) was trading at $4.83:
Mike, as you may recall I have been an active follower of ACHR. I no longer have a position that I trade off of and am on the sidelines watching a move that I should have participated in . That said, is this the move to $9.00 that has been on the table for a while ?...
My analysis: NO!... ACHR has started a new bull phase that now has a higher target potential closer to 14.00 after it takes out 9.00!.. Fast-forward to today (11/29/24), we see ACHR has followed my technical script, exploding to the upside above an initial key resistance zone at 5.50/80 and this week, extending the vertical assault above a three-year resistance plateau at 7.50-8.00 that accelerated the advance to this AM's multi-year breakout high at 9.84. Now what? From a nearer-term perspective, ACHR points to an exhaustion target zone of 10.00 to 10.40, after which the price action EITHER will settle into a high-level digestion period (1-2 weeks) OR enter a correction that presses down to revisit the 7.50-8.00 breakout plateau ahead of another powerful upleg that projects closer to 14.00. My bias is for ACHR to enter a time-consuming high-level digestion period above 8.00 for 1 to 2 weeks to enable the 50 and 200 DMAs-- now at 3.87 and 3.98 respectively, to catch up to the rocketing price action. In other words, if I owned ACHR, I would be trading half the position, and holding the balance, looking to add back half the position into weakness into the 7.50-8.00 target window... Last is 9.13...
ACHR is a small-cap name in the concept field of eVTOL (Electric Vertical Takeoff and Landing vehicles), gaining some traction with forward-looking governmental agencies promoting clean emissions and reduced city traffic congestion. Although eVTOL could be viewed as something out of The Jetsons, for me, its explosively bullish intermediate-term chart setup captured our attention months ago, and, as so often occurs, anticipated the reasons and backstory justifying the vertical price assault ACHR investors have enjoyed during the second half of November 2024 (see my attached Daily Chart). ACHR rocketed from 4.83 on my 11/12/24 MPTrader update to last Friday's (11/29/24) high at 9.84, or +104%!
ARCH remains high on my radar screen into year-end and well into 2025...
Mike Paulenoff is the author of MPTrader.com, a real-time diary of his technical analysis & trade alerts
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