ACB - Nice Bounce, Nice Drop
It tried to stay above MA20 for a few days, but I really think the ETF Alternative Harvest has been rebalancing their portfolio last week, which explains the sudden spike in volume for just a few selected asset, which are all in their portfolio.
Don't misinterpret ACB's underlying weakness as "oversold". It is currently trading at fair value. It has fully retraced an irrational move up to $12.50. Fundamentally, ACB is not worth more than $1. It has recently bounced. It is now ready to settle in the lows for a time.
Given its low valuation now, volatility is likely to increase. After all, each 1% is currently just $0.008 (0.8 Dollar cents). So we'll see moves of 10% to 20% in either direction, with ease, and in reality this will be just $0.8 to $0.15. (8 to 15 cents).
For at least the next 6 months, we should see ACB trade around the current levels, and it should allow for very nice swing trades.
Going long right now would be a pure gamble, not an actual investment.
Don't misinterpret ACB's underlying weakness as "oversold". It is currently trading at fair value. It has fully retraced an irrational move up to $12.50. Fundamentally, ACB is not worth more than $1. It has recently bounced. It is now ready to settle in the lows for a time.
Given its low valuation now, volatility is likely to increase. After all, each 1% is currently just $0.008 (0.8 Dollar cents). So we'll see moves of 10% to 20% in either direction, with ease, and in reality this will be just $0.8 to $0.15. (8 to 15 cents).
For at least the next 6 months, we should see ACB trade around the current levels, and it should allow for very nice swing trades.
Going long right now would be a pure gamble, not an actual investment.
🅱🄰🆁🅺🆆🄾🆁🆃🅷
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🅱🄰🆁🅺🆆🄾🆁🆃🅷
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.