Canabisstocks
ACB BLOOD| Volume Climax| Oversold Bounce?Hello Traders,
Today’s chart update will be on ACB – Aurora Cannabis INC, which is in a severe down trend that has been respecting Fibonacci extension levels. Price is currently testing a critical technical level that needs to hold to avoid capitulation…
Points to consider,
- Strong establish bear trend
- Support being tested
- Structural resistance retest
- Stochastics in lower region
- RSI oversold
- Volume Climax
ACB has clearly been putting in lower highs consecutively on the daily timeframe, there are no signs yet of this changing. ACB is currently testing a critical support level that is in confluence with the 1.618 Fibonacci level. This level needs to hold otherwise ACB is in a risk of capitulating. Structural resistance has been confirmed with a bearish retest which also further confirms the S/R flip.
The Stochastics is in lower regions, can stay down here for an extended period of time, however we do have lots of stored momentum to the upside. The RSI historically bounces from such oversold conditions; however we don’t have a clear sign of the bounce starting.
Strong bear volume has put in a volume climax bar, signalling a potential exhaustion in the bearish trend; it would only be natural for the price to see a relief bounce from such lows. ACB has also been respecting the Fibonacci Extensions, price is approaching the 1.618 Fib Extension that is in confluence with the critical support level, increasing the probability of a bounce.
Overall, In my opinion, ACB is on the verge of capitulating if this critical support is not held, it is however more probable for an oversold bounce due to the sharp decline in this bear trend.
What are your thoughts on ACB?
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And remember,
“If you don’t respect risk, eventually they’ll carry you out.” – Larry Hite
ACB RESPECTING TRENDLINE ! Hello Traders,
Today’s chart will be on ACB – AURORA CANNABIS INC, respected trend line perfectly!
Points to consider,
- Trend overall bullish
- Broke resistance, now potential support on re-test
- EMA’s turning bullish
- Stochastic showing upwards momentum
- RSI broke its resistance
- Volume starting to increase
- Next local resistance areas are the .382 and .618 Fibonacci Zones
ACB has perfectly respected the upwards trend line and has broken local resistance now turning potential support upon retest.
The EMA’s have turned bullish upon this break signifying that further upwards is more probable. The RSI is quite bullish at given time too, it has broken its major resistance line thus has further upside potential; this will allow bulls to push price into next local resistant zone (.328 Fib).
Furthermore, the stochastic's are showing upwards momentum, however it’s starting to look over extended, we may see it cool of, this will allow for price to retest support before heading back up…
Volume is starting to pick up, very healthy in this break from resistance, we need to see the volume maintain a steady increase for this area...
Bulls can potentially test next resistant zone at the .382 Fib, posting a gain of around 18.64%, if a break of this zone comes to fruition, then a test of .618 Fibonacci is probable, posting a 50.81% gain!
What are your thoughts on ACB? Will bull have the momentum to push through local resistances?
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And remember,
“It’s not whether you’re right or wrong that’s important, it’s how much money you make when you’re right and how much you lose when you’re wrong.” – George Soros
CGC Triple Top ! Hello Traders,
Lets have a look at CGC - Canopy Growth Corporation
Points to consider
- A clear Triple Top
- Overall trend putting in higher highs
- Stoch in lower regions
- RSI coming into a tighter pattern
- Volume declining rapidly
- VPVR showing low volume of transactions after this support
- EMA's giving price resistance
CGC has had a strong bull rally, the first impulse retraced back to the .618 Fibonacci Zone before pushing another leg up. Price was in discovery mode after this push before retesting the .618 Fibonacci again, holding support but at the same time making the price put in a triple top. CGC is testing a very key trend line, if respected, will put in a higher high in the market structure. However if price does not respect the trend line and breaks below, then CGC is more probable to have a major correction. Price can really tank if this support is broken as the VPVR is showing very low volume of transactions between the support zones. With the volume declining, we can expect a move very soon...
What are your thoughts on CGC's price actions
Please leave a like and comment,
and some food for thought
“I think investment psychology is by far the more important element, followed by risk control, with the least important consideration being the question of where you buy and sell.” – Tom Basso
CGC Breakout / Possible upsideRookies take: I'll go ahead and presume based on my personal analysis that the momentum was shifting toward upside before being rejected by the bears. Continue to look for movement back toward resistance and watch for "the move".
Canopy GC: High return long term investment.Canopy Growth Corporation is on strong long term bullish price action both on 1W (RSI = 58.856, MACD = 4.873, Highs/Lows = 2.6189) and 1M (RSI = 66.122, MACD = 12.099, Highs/Lows = 7.3414). Since mid 2017 in particular, it has been trading on Higher Lows reaching +1000% in growth. Using the Pitchfork to identify the pressure zone, we estimate that the asset is close close to a bullish accumulation point (Higher Low). Out moderate Higher High target is 110.00.
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Comments and likes are greatly appreciated.
CGC - looking for an entryCGC is looking strong in the longer term, but I'll be watching for a pulback to the trendline resistance hovering just above the 50-day EMA before making a move. We've dipped below both the 12 and 26. Stoch is picking up but RSI is neutral. Any move up would need to come with a significant increase in bullish volume to invalidate this set up. Breaking below trendline and 50 EMA resistance could spell a huge drop into the 30s before finding support again.
Wait for a better priceGood day folks,
Aurora Cannabis has been on a wild ride. There is support at $6.00 and it is likely to be tested again. If this support doesn’t hold, it could go back to breakout price or $4.00. I prefer not to mention the large support at $2.00 as it would be a complete catastrophe for the stock imo, however I would load big time at this price.
Until the stock becomes a defensive one, I think its price will consolidate, making up and down, between $4.00 and $8.00. After all, we are heading into recession.
Merry Christmas to all!
We got our SHORT order placed for #Tilray | $TLRY!We got our SHORT order placed for #Tilray | $TLRY!
Cara is Up and will continue to Go Up!Cara is one of many unreliable weed stocks that many follow but the good news for you is that it is on a uproar! Cara has been down for the last couple weeks but it has made its way back to +0>13% in the last couple days. Like many weed stocks they fluctuate because of the shareholders within the stock are untrained and new to the stock market. This is where you can gain percentage and capital on. By watching the moves of the stock holders you can easily predict where the stock will drop. The only risk in tis is being on top of your buy and sell because the stock holders scare easily. If one jumps they all follow but being the ones who jump at about 25% you can gain the upper hand. for the first 25% of stockholders who jump there will still be people buying into the stock but i have found as soon as you roll over the quarter mark buying stops and everyone scares off. so having said this this you can pinpoint the rough placement of where the drop will be and after you gains are finalized you can buy back in when it has hit rock bottom.
-Jon Matthews
