Updated
ACB needs to fill the gap down first
Of course ACB is our long term winner, but dreaming her to $15 is not going to cut it. Looking at the monthly charts, we're looking at a pretty extended candle for March. Volume is leaving the big names, many of the pot charts look choppy. ACB is in a clear downtrend channel, soon to submerge back into its organic growth channel, leaving the uptrend intact, but eliminating the overbought element like it has every time it was overbought.
We have to keep in mind that ACB's current price level was a consequence of two analyst targets and the announcement of Nicky Peltz involvement. Earnings disappointed, and nothing else has been achieved in the meantime. So ACB went up on mere promise, without anything to make the current levels sustainable.
If she does retreat back into her organic growth channel, it would mean that the uptrend from the past 3 months is lost, and we need to start looking at FIB levels of this longer term, rather than those of the most recent leg. That places key support at $7.45 and $6.80. It will be a bumpy ride down there, bit up, bit down, until we finally get some real news to initiate a new rally.
ACB is on ALL TIME HIGH WATCH for me, but not this month.
We have to keep in mind that ACB's current price level was a consequence of two analyst targets and the announcement of Nicky Peltz involvement. Earnings disappointed, and nothing else has been achieved in the meantime. So ACB went up on mere promise, without anything to make the current levels sustainable.
If she does retreat back into her organic growth channel, it would mean that the uptrend from the past 3 months is lost, and we need to start looking at FIB levels of this longer term, rather than those of the most recent leg. That places key support at $7.45 and $6.80. It will be a bumpy ride down there, bit up, bit down, until we finally get some real news to initiate a new rally.
ACB is on ALL TIME HIGH WATCH for me, but not this month.
Note
Channels are showing a tight spot ATM. Daily candles looking bearish.Note
Sorry about that mess on the first chart. I had the drawing indicators muted, but it published it anyway, and you can't edit posts here. So here is the monthly outlook:
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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.