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ACB

ABC, What Will It Be?An enormous volume shelf is keeping it from dropping below $10, but internals are looking weak. We're below the MA50 hourly, we're below the MA200 daily, which is going to pose significant resistance. We're also below the daily EMA26. The entire price action since August 3rd amount to two motive waves upward and one choppy wave down. They look like a textbook ABC correction to me, and their direction is always against the trend. This would imply that the trend is still down. Here is a close up of the August price action: Counting always becomes easier when more of the active waves are complete, and so it is always important to keep zooming out to look a the macro timeframe, to see if anything should be revised. The alternative count that I am suggesting here, would have a 2.1 FIB trend extension exactly at the gap close. We'll see. Don't buy the top, buy the higher high. I do believe that CGC's crap numbers ruined the party here, and investors are cautious. Rightfully so! I'm thinking that ACB already went through everything that CGC still has to go through, in terms of reorganisation, and so I am intent to play ACB earnings in September. But that is a long way off still. I've bought some at the recent drops, and I will accumulate more if indeed it fills the gap below. My point here being, if you are in right now, be prepared to potentially having to stomach another 30% of your position vapourising, and have the balls to buy the dip.
A
by Barkworth
1
[ACB] Weed Treasure Map: Still Room to Fall... HEAVEN or HELL? I think next round cannabis earnings will FOMO the industry again. Especially given ACB's last earnings FOMO. We haven't had one like it since (instant 3x Price increase). ACB earnings in particular have potential to catalyze the whole industry inflection even if earnings aren't that impressive. On the grand scheme of things, we're basically at the bottom but yea looks like gravity is weighing heavy on this one. I think we blaze through the sky to hit the green line at peak FOMO around $24, maybe even a small stretch through the clouds and toward the sun.
ALong
by ProfitHarvest
4
Aurora Cannabis $ACB is getting ready for Moon MissionWell, cannabis stocks went through very rough couple years. They all were in accumulation mode for good part of 2019 and entire 2020. Accumulation is done and ready for take-off. Here is why: - Few month ago we made new Higher High with possible Higher Low as of now. - The reasoning behind Higher Low is a consolidation in the area of Fib levels 0.705 and 0.618. - Price breaking out (or at least trying) from the classic BULLISH Pennant. - Price extracted liquidity from fairly matured Order Block originated in 2016 Price Action with super High Volume. - The volume even higher than previous bullish runs of 2017-2018. - Other canna stocks are breaking out as well for confirmation. Looks like entire industry is ready for the move. Invalidation: - Price action breaks below HTF Liquidity Support and deeps lower. - New Lower Low established. Note: - There is one area of concern (gap in price) right around Volume Area Low and HTF support. Price may deep into that area for quick grab to close that gap, but this area can be treated as part of bullish "Reversal Island" setup and may be avoided altogether. As always this is not financial advise.
ALong
by LEVERXYZ
1