ACB is out in the cold
Uptrend channel broken with a gap down, on Monday. Yesterday we saw that gap filled, with the bottom of the 3 month old trend line now serving as resistance.
We have a bullish engulfing candle on the daily chart. Today we'll need to see confirmation of that, with bulls breaking the $9 price resistance with good volume to look for a daily lower high. If that doesn't happen, we're likely to knock on the trend line door for a few, before turning away in the opposite direction. First stop on the way down is $8.25, then $7.80, then $7.50.
I expect that we will a slow trajectory to those targets as long as the broader cannabis market continues to consolidate, and ACB has not presented us with anything to draw bulls back in.
We have a bullish engulfing candle on the daily chart. Today we'll need to see confirmation of that, with bulls breaking the $9 price resistance with good volume to look for a daily lower high. If that doesn't happen, we're likely to knock on the trend line door for a few, before turning away in the opposite direction. First stop on the way down is $8.25, then $7.80, then $7.50.
I expect that we will a slow trajectory to those targets as long as the broader cannabis market continues to consolidate, and ACB has not presented us with anything to draw bulls back in.
🅱🄰🆁🅺🆆🄾🆁🆃🅷
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🅱🄰🆁🅺🆆🄾🆁🆃🅷
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.