ACEN Corporation Falls 10 Percent on Capital Raising News
ACEN Corporation (ACEN) has dropped to a new 4-year low following its announcement to raise up to Php30 billion through a stock rights offering (SRO) priced at a minimum of Php2.30 per share. Despite the ongoing downtrend, signs are emerging that the stock may have bottomed out. It’s currently hovering near its previous resistance level at Php2.50, which could now act as support. Combined with an oversold RSI reading, this setup hints that a potential rebound might be on the horizon.
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