Integrated Cannabis Company - Technical AnalysisDear traders,
Last week Integrated Cannabis Company announced the completion of a Letter Agreement to collaborate on X-SPRAYSTM products for the Canadian market with a Canadian License Producer under Health Canada's Access to Cannabis for Medical Purposes Regulations, GTEC Holdings Ltd. Friday the company's stock saw its most active day since going public and during pre-market trading on Monday (10/1/2018), shares of Integrated Cannabis have traded as high as $1.16.
"Partnering with a Canadian Licensed Producer has been a major goal of ours in order to facilitate the expansion of our product line into legal, established marketplaces. The GTEC team is an ideal partner given their status asa LP and their tenure in the cannabis industry and provide a great alliance for our innovative product line," said Mr. John Knapp, CEO of Integrated Cannabis.
Integrated Cannabis Company (ICNAF) (ICAN) has seen its most active trading week in history of being public (so far). Shares opened the week at $1.1665 and hit highs on Tuesday of $1.43.
What are you thoughts about this TA ?
ACB
Aurora - Technical AnalysisDear Traders,
Looks like we enterred a second ''bearish'' tunnel, but if we succeed in breaking out of it like we did the first time we might see another run soon. But if we break downwards we will officially retracing towards the 0.5 fib level again, which held twice already so that looks like a good entry point for those who want to re-enter this trade, but this will only happen if we break downwards of this channel.
About Aurora:
Aurora Cannabis Inc is a Canada-based company engaged in the production and distribution of medical cannabis. The Company is vertically integrated and horizontally diversified across every key segment of the value chain, from facility engineering and design to cannabis breeding and genetics research, cannabis and hemp production, derivatives, home cultivation, wholesale and retail distribution. The Company's purpose-built facilities, which integrate technologies across all processes, are defined by automation and customization. The Company has a funded capacity of more than 500,000 kilograms per year, as well as sales and operations in more than 18 countries worldwide.
ACB far from support break but showing tell-tale signsACB held up very well today in the face of across the board sector weakness. 11.21 support is key to save the daily uptrend; I do expect that level to hold and I would then look for a tightening daily range and a lower high relative to 12.95.
Volume offers no real red flags but RSI has broken support and shows the first signs of bearish divergence.
ACB offers a potential bottomfish opportunity tomorrow, but be sure to stop out if 11.21 support breaks as that would confirm a daily downtrend and I'd be looking down towards the mid $10 range for a new temporary base.
DTEA, Nice HIgh Risk High Reward GambleGoes completely against my rules, but with the way this sector is moving, and considering how much money people have made off IGC and NBEV, this thing has a high chance of following through tomorrow.
Also, this stock only has 7 million in the float. Also, a big seller cashed out!!!!!!!! I haven't had time to check warrants, but judging from the price last year, I'm guessing they are not going to be lower than the current price.
THIS IS A GAMBLE, BUT A GOOD ONE
DO NOT BET THE RANCH, BUT DON'T SELL YOURSELF SHORT EITHER
GOOD LUCK
Sector weakness holding back ACB bullsI'm still impressed by the ACB bulls with their bounce hitting the very top end of my target zone, rejecting from the .786 fib pull just below $13.00 resistance. Having lost the hourly higher low pattern this afternoon I'm confident that our new daily lower high has been set. I'm looking for an equilibrium to form, and anticipating a higher low relative to 11.21 and a daily tightening range as volume drops off. On the break of that range I'll be watching for a volume spike to confirm the momentum.
I love equilibrium patterns because they are one of the best patterns to play in my opinion, but one must keep in mind we're watching this range tighten as CGC / WEED is most likely going to have a daily bear break, putting downward pressure on the sector, including on ACB. Coca-Cola rumours are helping the bulls stay strong, but without an actual deal a rumour can only do so much in the face of a sector that's pulling back pretty significantly.
The range for me right now is 11.21 - 12.95. As long as CGC does not break below $48 (or WEED break below $62) I would definitely be interesting in bottomfishing a daily higher low on ACB above 11.21. If CGC breaks bear, I fully expect ACB to follow suit and lose our key 11.21 daily support level.
ACB is strong in the face of sector weaknessACB broke key daily support but bulls bought the dip and finished strong near the high of the day, completely ignoring the end of day dump by the sector leader on bearish news. Price bounced just below the .382 fib level from low of consolidation to our recent high.
The daily volume was far less than I would have liked on this move, and so I expect a daily lower high to best set Monday most likely. Hourly resistance is 12.60 then 12.98 (call it 13 psychological), and I'm looking for the daily chart to top out somewhere within that range. That said, breaking $13.00 would have me very impressed but we will need much more volume to get there.
The new daily range I'm watching is 11.21 - 13.48 (again, let's call it $13.50 psychological). ACB is holding up much better than many names in the sector on the back of Coca-Cola investment rumours and an uplisting to a major US exchange this month.
In two weeks ACB saw a 70% move from 7.65 - 13.53 and the weekly chart is very extended, and is more likely than not to require a pullback before any continuation to the upside is possible. That said, a news catalyst can definitely change that and push the chart to new highs.
Aurora Cannabis AnalysisACB's Significant weekly demand @ 8.93.
Longs are favoured but not at current price level. Look for pullbacks into weekly demand.
Zones of Interest:
Demand @ 8.61 and 6.49
Supply @ 14.07.
ACB bulls have their backs against the wallACB opened right at $12.00 price support from yesterday and broke it on open, and wasn't able to recover it later in the day. This is not game over for the bulls, as chart support remains at $11.44 but it's certainly a stronger pullback than the bulls had hoped for just 3 days after reaching new highs in reaction to earnings. IF there's any consolation for the bulls it's that this pullback is on decreasing volume.
I am watching the potential for a bearish-reversal Head&Shoulders pattern printing on the daily chart, and will be watching the volume on the hourly chart on the next move for clues if we will continue our daily uptrend or fall back down to test our key support levels.
Resistance for the bulls to start to turn things around is 12.17, followed by 12.60. KEY MUST HOLD support is 11.44. Losing $11.44 puts us in a range with a minimal amount of volume support - I see a lot of support just above $10.00, at $9.06, and the gap on the daily chart $8.64
ACB finds it's supportMy last published piece on ACB indicated the bulls were looking for a new base of support, and today it's become clear that line in the sand is $12.00. The day started with a higher open and a strong attempt to break $13, and profit taking starting a minute into the day. Bulls immediately fill the gap to the penny and tried to rally from there, but were unable to do so and bounced off of $12.01.
At numerous times today you could see $20 million on the bid between $12.00 - $12.15, telling me white the chart support is down at $11.44, this is where people find VALUE and that's an important support level too. With weakness today across the sector and weakness in the overall market with reaction to the FOMC minutes and the declaration that "stocks are too expensive", it's going to be very telling how the price reacts to $12.00 tomorrow. That's the line in the sand.
Hourly resistance to give us confidence the daily higher low is in is at $12.60, that small range will be on watch tomorrow. That break will give us directional momentum for the next couple of days.
ACB searching for a new base of supportACB had a big gap up on earnings this morning and saw a continued run into their conference call, however when the call failed to deliver a news catalyst investors started to take profit, breaking the low of the day and dropping to test former key resistance $12.56 as support. This bearish candle suggests further downside tomorrow, and I'll be watching two key areas for support. First, the low of today 12.54, and second the gap fill 12.36. We also have hourly support just above 12.00.
What would a healthy pullback look like? Holding above $12 psychological would show the bulls maintaining complete control, but really the must hold level is 11.44, the loss of which would indicate we're in for some heavier consolidation rather than an immediate continuation of this bull move. If that were to happen I'd start watching for trend changes on smaller term timeframes as we approached key Fib levels as indicated belowl.
The decreasing bear volume on the hourly chart has me expecting we will hold above $12.00 at least on the first attempt; however weakness in the sector and the overall market will be a correlative factor to watch.
ACB bulls draw a line in the sandACB spent the better half of Friday defending $11.75 as a line in the sand, despite the hourly bearish MACD divergence. If that cannot hold I would not expect 11.65 to hold, resulting in an Inside Bar bear break. From there I would zoom out to the 4hr chart and look for a higher low compared to $10.18 and a tightening range from there.
Investment rumours from Coca Cola give correlation favour to the bulls, and I would expect ACB to hold up better than other names should we see sector-wide consolidation this coming week.
AURORA CANNABIS INC. (ACB) - Daily AnalysisJust starting to take a look at these marijuana stocks a bit more seriously.. my previous analysis on TSX:WEED (see below) seems to be panning out so I'm pursuing this market a bit further.. don't usually trade company stocks so this might be my way into that world.. still seeing the same kinds of natural patterns I'd encounter on Forex or Comex charts, so giving it a try.. for this particular company, I have already bought up a few shares around $12, which might have been premature now that I'm expecting a small correction to around just under $11 (which will be a better time to buy).. but I'll be holding this for a while, especially if it passes my first target around $15 and possibly add more positions then.. will continue to monitor..
ACB - letting the dust settleWatching the ACB.TO range from low of the gap up on Monday morning to high of today. Today saw significant bull breaks of key levels 11.77 and 11.98 leaving very few resistances left until the all time high. However, some healthy consolidation is required.
Today's low bounced right off the .5 retracement of the fib pull with swing low as the oversold bounce low, to the high of today. It will be interesting to see if that new support holds. I'll be remaining very patient as the next couple of days set a tightening range with new levels to play off of. The break of that tightening pattern will set momentum for the days to follow.
Today's bear volume was very notable. We know there is ETF balancing ongoing this week that must settle up Friday, so I am leaning towards seeing more selling pressure into tomorrow and Friday.
I find the most clarity on the daily and 4hr charts.
Oversold Due To China News, and Being Driven By TradersLove the stats and the story.
Short term swing.
It is being driven by speculators because it's a low float China stock. Went up too much in a short period of time, hence the big sell off. Also, this China tariff news probably spooked traders.
Net income is down 2 million, but general administrative expenses increased by a factor of 10. Plus, they are exploring the blockchain sector.
Like where it is on the fib also. Volume has also decreased relative to yesterday's sell off
Only buying 1/2 because it is on the way down. Holding other 1/2 in case it goes lower so I can either bump out or get a better average.
About to Break Resistance, Same Industry Group As CBDSWeed stock are on a roll right now. CANN and CBDS have always followed each other. Big volume spike, and with TLRY and all the big names in the marijuana sector on fire, speculative fervor will transition into the smaller names. For the most part, though, I like this as a sympathy play off today's CBDS move
ACB Uplisting Announcement Muddying Lower High targetACB After retracing almost .5 of the move up from the low of consolidation before the constellation news to our recent high, I was watching for a lower high to be set somewhere between $upper $8 range. Cam Battley confirming in an interview with Midas Letter ACB uplisting to a major US exchange after close on Friday. I'm now looking slightly higher for a profit target, but the lack of a formal press release hasn't given me much to adjust so far. After hours Friday saw ACB trading on PURE exchange for 9.15, which is the .786 retracement of the dump.
Full Triangle Completed. 1/2 Entry At The Close
Earnings report wasn't that bad really, just disappointing. The stock was already up 1000% at one point, and Bank Of Montreal owned 30% of the shares back in December 2017.
I initially flirted with the idea of buying on Monday, or near the 78% line near the March/April consolidation area for $8.00ish, but decided against it due to the extent of the sell off. I also considered the fact that 81% of the shares were owned by institutions, who were up significantly.
You can see buyers attempt to accumulate on Sept.11th, but they got crushed, just like I suspected
I'm buying the close today, with the intention of holding the other half in case it goes lower so I can either bump out, or get a better average. Whether i fill the other 1/2 on the way up depends on the price action and volume
This is a swing trade, not a long term hold
Head And Shoulders Pattern, Trend ReversingWent up 1700% after reverse split. Broke support yesterday on increased volume. Had my eye on this one for awhile.
Comparing US MJ stocks to Canadian MJ for Oct 17First day of legal sales in Canada is Oct 17 (AFAIK) so comparing to the first day of legal sales in Colordo (1 Jan 2014) is a good idea.
Green line here shows the week of legal sales. Price ran up into it (similar to the action we're seeing in CANNMJ now ) and it didn't stop once sales started.
This is for all the bears in the Canadian MJ space. Watch out.
$CGC $WEED $CRON $APH $ACB $TGOD $TLRY
Long NEPT (NYSE) NEPT.ca (TSX)broke out of the recent downtrend her in a hot sector. volume rising as well $CGC $MJ $HMMJ.ca $ACB.ca
