Watching ACBFF for Breakout

Updated

Looking for a Daily (preferable 3Day) close above the outer triangle.
That's right, guys, two triangle memes...Superior pleb mode engaged.

Seriously tho, i'll usually make the triangle meme for Candle Closes and a secondary one marking the tops of the wicks.
This 'Technique' is similar to marking liquidity zones and Order Blocks. It lets me know if this is a breakout or just another stop-run.
Usually that's what these meme lines follow, order blocks and liquidity zones on the VPVR (if you're placing them correctly).

My Average for ACBFF is ~$5.86.

Note

Daily closed above the outer triangle meme which is something new to this trend.
Possibilities from here include:
1. Denial from the Orange Resistance line
a. Retest of outer triangle meme w/ possible wick extending to
inner triangle.
2. Break through Orange Resistance line and wick up to $8.50 area
a. Retest of Orange resistance line then Red Box

We'll see.

Note

Rejected off Orange resistance line and bounce off of inner triangle as I said in my 1st Possibility. I bought more on the retest.
Today we'll probably see a high of $7.22 and for the next couple of days Retest the outer triangle as it acts as resistance until we breakout.

Chart is still looking decent for an impending breakout. Keep in mind we're also getting pushed around by sentiment of Major Markets.

Note

General Cannabis Market Update:
Everyone in Cannabis stocks should know by now, Canada will legalize Recreational and that will cause more retail investors to start looking at Cannabis stocks.
Canadas recreational law will go into effect early October of this year, that's when a flurry of news articles will start to come out causing even more retail investors to come in. Mark my words, when 2018 Q4 earnings reports come out and show what 2 months of legal Cannabis profits look like the late adopters will pour in causing more price increase and then FOMO investors. I will sell shortly after and look for a re-entry if that scenario does happen

Note

Price is Hugging the outer triangle as resistance Like I said in my previous comment.
Chart still looking primo for lift-off imo. My current plan is to continue accumulation but only on key dips.

I can't edit the chart to add anything new but on my personal chart of ACBFF I added a Rectangular 'Buy Box' extending from $6.55-$6.89, if we wick anywhere in that box I'm buying more.

switchedmode

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