Updated
ACB Bearish Descending Triangle
I see many idea's for this stock in the past few days, telling us to buy ACB . Though I do believe this stock has a very good upside, the current setup is not bullish at all.
I am also getting messages from friends, telling me to look at the all time FIB chart and draw them correctly. As much as I appreciate that, I want to remind everybody that succesfull traders look at the right side of the chart only.
We are currently looking at a descending triangle on decreasing volume. Descending triangles can form as a reversal pattern at the end of an uptrend, but they are generally seen as bearish continuation patterns. Traders watch for a move below the lower support line because it suggests that the downward momentum is building and a breakdown is imminent. Once the breakdown occurs, traders enter into short positions and aggressively help push the price of the asset lower.
Currently, there is a 17% short interest in ACB, with over 170M shares short. The average short ratio is just 4%. The next support down is around $1.80...
Speculate to accumulate!
I am also getting messages from friends, telling me to look at the all time FIB chart and draw them correctly. As much as I appreciate that, I want to remind everybody that succesfull traders look at the right side of the chart only.
We are currently looking at a descending triangle on decreasing volume. Descending triangles can form as a reversal pattern at the end of an uptrend, but they are generally seen as bearish continuation patterns. Traders watch for a move below the lower support line because it suggests that the downward momentum is building and a breakdown is imminent. Once the breakdown occurs, traders enter into short positions and aggressively help push the price of the asset lower.
Currently, there is a 17% short interest in ACB, with over 170M shares short. The average short ratio is just 4%. The next support down is around $1.80...
Speculate to accumulate!
Note
Fell below support, retested and rejected. Today announced GMP license for River facility and recommencing sales in Germany. Anticipate a move above $1.90 resistance and a test of the $2 level, which would potentially mean a wick above the triangle top line.
Watching volume for hints of direction.
Trade active
We have a bull break and a bullish confirmation.Trade entered at $2.06
Stop just below $1.90
We may see a retest of the $2 level to close the hourly gap. Larger time frames show good underlying strength, and recent consolidation has packed a lot of energy. If bulls manage to release this energy to the upside, the bears will finally be bleeding money back into our pockets.
It is my honest believe that now is the time to go LONG ACB.
Short and longer term targets market on chart.
Yalla! Let's go!
Note
See idea here:
Trade closed: stop reached
Death spiral initiated.
🅱🄰🆁🅺🆆🄾🆁🆃🅷
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.