ACBFF
Significant bullbreak puts focus on potential ACB daily breakoutACB broke the 4hr equilibrium bullish today right before market close then the uplisting NYSE application they filed with the SEC surfaced online. The daily volume is only moderately larger, but the amount of volume coming in the last hour of trading was incredible
The key resistance now for the daily breakout is 12.95, really 13.00 psychological. Key support to hold is 11.69 on the daily. Daily RSI is also piercing through the resistance line and the bulls want to see continuation early next week to accompany this 4hr breakout.
Looking at the 4hr, you can see the clear bullbreak of 12.65 resistance on the 4hr chart. There's a lack of support down to 11.95 and the chart is over-extended.
Looking at the 5min chart you can see there hasn't been any short term supports set since 12.05. We are very over extended here and there are no good entries without some healthy consolidation to cool off the charts and give the bulls a rest. You can see the incredible amount of volume pouring in when the SEC uplisting documents surfaced online - so even though the daily chart didn't have impressive volume, you can see how much bullish momentum came in at the end of the day. There were definitely shorts being squeezed on this move, and the next level we will see shorts cover is on the break of $13.00 in my opinion. The Canadian exchanged is closed Monday for Thanksgiving so it will be up to the American ticker ACBFF bulls to determine the fate on Monday.
Be aware there is market correlation between the mj sector with the S&P500, and keep in mind that it lost the weekly uptrend today. It's often said that high tides raise all boats; likewise, low tides can beach all ships.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
ACB equilibrium break on watch tomorrowACB saw a gap up and profit taking, forming a daily lower high right within the range I was anticipating. The daily chart is going to break Friday, and if not Friday, then Monday by way of the American ticker ACBFF, making the break Tuesday when the Canadian market reopens after Thanksgiving. The daily printed a bearish dark cloud cover candle.
The key daily range is 12.65 - 11.69. Beak bull, and bulls continue to test $13 and $13.50 resistances. Break bear, and we look down to test supports at 11.21 and 10.87
Zooming into the 4hr shows us that our daily equilibrium is now so tight, it's playing out on the 4hr chart. I find this gives the best clarity on what's going on. Bulls are trying to hold 11.98 as the new support but have not yet bounced enough to give us confidence that higher low is in.
Be aware there is market correlation between the mj sector with the S&P500, and keep in mind that SPY lost the daily uptrend today. It's often said that high tides raise all boats; likewise, low tides can beach all ships.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
ACB daily equilibrium break on watchI just typed up a big analysis and deleted it, so here we go, round two!
Bulls today were in full control printing a bullish engulfing candle on the daily. Anything under 12.95 is a lower high on the daily, and I anticipate that to be set around $12.75. I would be very impressed if the bulls were able to break $13.00 psychological first thing tomorrow.
The setup here is different than it is on Canopy; Canopy didn't set any hourly support today, but Aurora has a new hourly support to watch at 12.26. The most bullish scenario would be to hold that level then go for a bull-break of 12.95. Losing that support will have us looking down at 12, and 11.69.
If we do lose 12.26 that level I'll be watching the bear volume on the pullback to anticipate the extent of the pullback we will see. If we do ultimately break 11.69 in the coming days, that would put Aurora into a daily downtrend, but I see no warning signs of this happening at this time.
The range to watch is is 11.69 - 12.95.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
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.
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.
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.
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.
Sold $5.58 Yesterday for 3% loss. Re-Entering TomorrowRisky swing trade, but I think this reaction is just panic selling from the news yesterday. A lot of people are holding a bag right now, so when the news hit they freaked out. A lot of new traders attracted to weed stocks. It was also hovering around $3.00 before they made all those acquisitions
The volume was unspectacular relatively speaking. Funds have already unloaded a lot of stock at this point, which you can see on the two big volume days that happened just recently -- one day for 30 million, the other 20 million.
Like the risk reward. I may hold, but if I'm up nicely, I might sell too. Depends on a lot of factors whether I hold.
Buying the dip or the open depending on the price action. Will be scaling into my position nonetheless. If it closes strong, I'll fill. No buy half this time, filling the whole thing today
$ACB buyers are searching for a cheaper entry - dilution is goodWhile TSX:ACB is sitting at a new support of $7 - buyers are looking for a new avenue while production lags behind the Oct 11th date.
While FOMO locks into place we will see a new entry around $5.50 and maybe as low as $4 before the new year and before production starts.
LEAFers are still waiting for new shares.
Dilution is good.
ACBFF takes a 20% hit down to $9.1After seeing $11 ACBFF takes a hit of 20% bringing it down to $9 showcasing a lot of support in this zone with its current volume. Keep an eye on the $8.5 levels as we are seeing a retrace after the recent pump
ACBFF Aurora Cannabis INC. The bearish side of the story! :(Lets keep it simple?!
I have charted ACBFF already with great results with a more positive outlook. I've came across another possibility that is short term bearish, but still long term bullish.
I've explained most of the indicators in my previous chart, but here I just want to show levels, potential break outs and pull backs.
I have labeled a small bounce area already for tomorrow or the next day, but ultimately will get to the $6 area again.
This chart here shows what could happen if the wedge fails at that level, taking us to the 618 for what I believe could be the final bottom.
The end of this longer failed wedge rolls right into new years, which could be a perfect time for the 618 level wedge to break out.
Will update chart as time goes by, attempting to give clarity to the market. Corrections are healthy, health is never easy.
Happy Trading, debating and speculating! FOLLOW for updates!
ACBFF Aurora Cannabis INC. Down before getting higher?Lets keep it super simple!
I've been watching Aurora for some time now, and let me start off by saying this chart im posting is NOT in my favor with current position, but I cant just say its going up because I want it to, so lets look at what the chart has to say! Ill add more of course. Im in at @ 5.81 - 6.41, but sold on close today on the descending wedge formation @ 7.11.
This chart is the 15 minute because at the end of this wedge in a wedge, you cannot see the details with the 4 hr or daily.
We have seen this bounce respectively above the 5$ area, which is the blue line at the bottom.
There is a false breakout of long term wedge at $8, and has fallen back into place. We have a descending wedge pattern into close today, which I didn't want, but it is what it is.
Now if this wedge plays out through the end of the month, we should see another bounce at the bottom of the larger wedge at around 5.85 (labeled in green)
You can see we have indications to sell since 8$ on the 4 hour, and have slight momentum change bearish, but to note NO sell signals on the daily. Ichimoku is also crossed bearish just slightly.
I expect a small bounce around 6.75 back to maybe the 7.2 area, but will not play that trade, as ill be waiting for the full retrace to go long.
Happy Trading, Debating and speculating! Never give legal advice! I want everyone to win!
Watching ACBFF for BreakoutLooking 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.
ACBFF (ACB.TO) Falling Wedge? Heavily beat down as of late, at major support with a falling wedge pattern taking shape. One good catalyst and I think this one can pop up nicely.
Looking for a break of the wedge and a retest of the $6.70-$7 region
ACB HUGE BREAKOUT COMING (Aurora Cannabis)Inverse head and shoulders pattern has formed on the daily chart for ACB. It has tested a bottom three times and has been in tight consolidating patterns for the last 21 days -- the longest period of consolidation yet in the stock's history. Bollinger bands have tightened signaling a nearing breakout, with bear volume reducing and bull volume increasing, signaling an imminent breakout to the upside.
Whether you check the weekly or the daily chart, the inverse head and shoulders pattern has completed and the stock is signaling a strong upwards movement.
On the weekly chart we've formed higher highs three weeks in a row with increasing bull volume. Anticipate huge volume next week and a breakout.
ACB Aurora Cannabis Correction IdeaHey,
Novice trader here learning Elliot Wave with Fib. Just seeing if anyone else can see similar count or if I'm way off. This could be the start of a 3 major wave with this being the first sub wave or I could be wrong.
Let me know what you think.
Thanks!
