ACB trade ideas
Retrace then puff puff pass that cash I think the weekly looks very bearish with the big hanging man doji reversal setup putting in a new weekly low. I think the whole sector got to high pre legalization running up a smoking 208 % since AUG 13!! Everything needs to burnout have a nap, a snack and let everything cool off then the real party will begin with earnings !! We will see what happens from there, all depends on SPY . This chart is what i would like to see happen (i really wanna buy more acb in the $7-$8.00 range !!!!) it is the .786 fib by the way ;) If not ... i think we retrace to $9.30 range then blast up but heres to wishing hey !! Im all cash at the moment waiting to catch that falling knife!!
Have fun friends!!
Watch ACB 4hr for short term momentumTaking a different approach today, starting with the long term weekly chart. ACB has a bearish reversal candle on the weekly chart and a potential volume climax. The weekly trend is not at risk of being lost anytime soon because of how hard we have run up. Our weekly support currently is at 7.65 and now that we've lost the daily uptrend we are in search of a new weekly support level. We have support with weekly MA20 and MA50 in the low $9 range. Update these levels weekly.
"So, what happened this past week?"
This is a question a few people have asked me in person and online over the past 24 hours. Let's go back to the daily chart to look at the setup we had going into last week.
Monday we saw continuation of the daily breakout from the previous Friday and finished strong at the high of the day. In almost every idea I've published over the past few weeks I've been reminding people that the sector has run over 100% in just a few weeks, and that was neither normal nor sustainable. Therefore, we were looking for a sell-the-news reaction to legalization. I was expecting that Wednesday and we got that on Tuesday instead, in the form of a gap up open, a volume climax and a bearish reversal candle. Wednesday and Thursday we saw a weak bounce attempt with a potential daily bear flag setup, with the low of Wednesday a must hold level. ACB has not yet lost that level, making it a stronger chart than Canopy which broke that level on Friday and confirmed the daily bear flag.
ACB currently sits within a daily range between 11.91 support and 14.36 resistance. On Friday we saw the bulls make an attempt at that resistance but fell short and dumped for the rest of the day, finishing close to the low of the day on increasing bear volume and looking to start with further weakness into next week. ACB has wicked below the daily MA20 but has yet to close below that level. The daily chart has broken below an RSI support line and the MACD is initiating the strongest bear move it's made since back in July. As I've mentioned we've already lost the daily uptrend; losing 11.91 support would initiate a daily downtrend with a lower high and a lower low on the daily chart.
The $9-10 range has good support with the MA50, MA100 and MA200 all overlapping in this range. Update these levels daily. With weekly and daily indicators all lining up, I would expect the bulls to defend this level on the longer term timeframe.
The 4hr chart shows the clearest details in my opinion.
Bulls are trying to hold 12.69 as the higher low in the 4hr equilibrium but we're not yet confident that our higher low is set. This is a tightening range that could continue for several days before we see a clear break of this pattern. I have no real interest in playing within this pattern because the action is generally choppy, and I know the break of these tightening ranges will carry significant momentum and followthrough for me to play either as a bull or a bear. Let's zoom in for more detail better explain why I anticipate further downside.
Looking into the hourly chart we see exactly why we have a setup for further weakness with an hourly bear flag. Friday we bottomed out when CGC hit hourly oversold and the sector saw very weak bounces on low volume when compared to the bear volume on the dump. Confirming that bear flag by breaking 12.69 means the bulls have not yet found their 4hr higher low and we will continue to look down towards 11.91 support. For anybody interested in playing within this range, the closer we get to 11.91 the better your Risk:Reward becomes as you have an entry much closer to your stop loss level.
If you're the type of person looking years out and holding, you don't care much about the last half of this post but you are very interested in the weekly chart above. While the weekly trend on ACB is not yet at risk Canopy will be testing that level on Monday. This signal from the sector leader gives you an opportunity to stop out and look to reload, for example, 10% more shares for 10% cheaper with the same amount of capital. That's one more way you can compound your gains on these positions even when we see consolidation on the longer term charts.
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For anybody looking at any individual stock it is imperative to keep an eye on the overall market. The correlation of every individual name and sector to SPY market is very real and the market is showing significant weakness over the past three weeks with warning signs of further potential weakness potential into next week.
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 - Showing Bearish Divergence !Dear Traders,
ACB had another run yesterday at the opening but as predicted a huge sell off happened. I hope you followed my advice to not enter any trades yesterday.
We can see that ACB shows us a Bearish Divergence on the weekly chart. We got higher highs, but the RSI peaks showed us lower highs. Bulls are exhausted and we are now entering a consolidation period.
Any thoughts ?
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ACB, how deep will it pull back, 10.75?Well the pot stocks like these equal measured moves, and that would put us in the 10.75 territory, if this is the top and we are seeing a trend reversal.
ACB sells the news into legalizationACB saw a big gap up and a big push in the first few minutes, followed by an aggressive dump spanning 20 minutes as traders took profit, knocking the stock down an immediate 16%. ACB bounced just five cents above former resistance 13.60 - former resistance now support.
The RSI also rejected from a downtrend line spanning the last few weeks. The MACD on the daily signals a very weak move from the daily breakout and the volume today looks like a volume climax - often a signal of a trend reversal.
We are very confident that on this pullback we will retain the daily uptrend and set a higher low above 12.50. Tomorrow I'll be watching for support at the low of today and at the daily EMA8.
Key support to hold is low of the day 13.65. Key resistance to break to tell us our daily higher low is in will be 14.96. On any continued bull push I do expect a lower high relative to our new all time high 16.24
We knew the rug was going to be pulled out at any moment, and I was caught a little off guard that it happened first thing this morning but luckily took profit on all my swings on the big gap up open. I do hope everyone heeded last night's advice to set your stop loss orders.
Big institutions have been loading large positions in Canopy with CIBC and Anonymous combined purchasing roughly $500 Million worth of shares in the past month. Be aware these whales can start unloading massive positions at any time without notice.
imgur.com
Aurora - How far can this go before a drop ?Dear Traders,
The Cannabis industry has been exploding prior to the 17th of October, ACB is one of the stocks that is going up fast! But how long can this go on ? RSI is overbought on each frame, and macd is going to cross downwards also.
PLEASE BE CAREFUL FOR A MASSIVE BEARISH SELL-OFF ! I'm not saying this will happen, but the reason why I say this is because of experience.. Buy The Rumor, Sell The News. Tomorrow is news day. Just be careful. Best thing to do is, if you haven't entered into ACB, WEED or any other booming stock, don't. Wait for a retracement and buy the dip.
ACB double tops at all time high, needs follow-thru tomorrowACB saw a gap-up and run open this morning on big bull volume, continuing the daily breakout from Friday and finishing the day up 10%. ACB hit a new all time high today by two pennies but that's effectively a doubletop at 15.22 so the bulls are going to need more follow through tomorrow. That shouldn't be an issue, with a close up near the high of the day.We're riding well above the daily Upper Bollinger Band as support.
We see daily RSI has broke out of its channel and is approaching recent highs, and the MACD has started to curl up. We're looking for a higher MACD spike tomorrow.
When stocks are at all time highs there is a lack of resistance, so we look for psychological round numbers. $15.50, 16, 16.50 etc. $20, should we get there, will especially be tricky.
Our key support is 14.63 on the hourly. We also have a little support at 14.79, and 15 psychological.
Keep walking your stop losses up. We're in a euphoric bull run and we want to protect our profits from any sudden sell-off.
Also keep in mind the correlation to the overall market. SPY has its second daily inside bar to watch the range of tomorrow, and while a bearish end of day didn't affect the mj sector today, we have seen countless times where it has.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
Keep building shelves!Our upward pressure is promising. I think we'll need to come down a little to account for the RSI divergence. I'm not buying in until it drops a bit personally.
BreakoutBreak out imminent for ACB.
Side Note: APhria 5.48% and Tetra Bio pharma 4.46% backed NBUD.C (North Bud farms) valued at 22$ million and targeting the consumable market is poised for significant gains over the next 4 months. Strongest recommendation to pick up shares at current SP 0.71% . You wonèt be disappointed.
ACB my favourite pot stock!!I am still keeping the same drawing patterns that I had posted a few weeks ago and I still stand firm with what I know that the chart is telling me.
I said previously that 13.48CAD is our resistance line and we CLOSED above it last Friday... leading into legalization week... I see the price hitting the next resistance point at 14.89, which is the highest golden line in my chart.
That would be the next price target. Blowing past it with confirming candles, the next price target will be 17 dollars as per fibs. Is this a co-incidence or what?
I am the night stalker. I stalk these charts day and night!
ACB the first in the sector to breakoutYesterday I pointed out that ACB needed to regain the hourly uptrend as a sign for a continued bull move. Anybody who acted on that signal had a very profitable day today! The key was 12.98 and if you bought that you would be up 6% already! ACB has been the most bullish chart for a couple weeks, and today saw that play out with a key break.
The key daily break today was the break of 13.60, which we saw on increasing bull volume today. I am concerned about two things, however. First, the MACD on this move up is very weak. Second, last time we broke resistance in the mid 13-range we saw no follow-through. Bulls will have to show us conviction of this break Monday on big bull volume in order to negate a potential ascending wedge pattern, as well as to give some confidence to this struggling MACD.
Our new must hold support to keep the bulls in charge is 13.24, and anything above this would be a higher low.
After today we only have three resistances left: 13.75, 14.10, and our all time high 15.20. As of close, we're only 11% away from that all time high.
CGC and APH also have very nice daily setups heading into next week; let's see if this ACB breakout will foreshadow what those names will do on Monday.
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.
Aurora Cannabis - What Now ?Dear Traders,
Yesterday was a pretty weird day for ACB, we expected a run, we got one, but it wasn't as powerful as we hopped. I new All Time High (ATH) got created tho, but the question is, is there more to come
Reviewing the Chart I decided to trace some lines to see where wee are at. As we all can see Our RSI is still above 50 but for how long ? Our MACD isn't ready to cross upwards yet so this makes me feel like this price is going down more. Towards the 55 ema (blue line).
If the bulls manage to open with a nice bump it would do some good to this chart, but if we open with a downtrend, that 55 ema is imminent. I personally enterred a position yesterday hoping the bulls would create a run-up last minute but that didn't happen and my stoploss is set but not hit yet. Let's see how this plays-off today!
If the 55 ema get's hit, do make sure to look at what the MACD is doing and where the RSI is at before making an entry.
We are now inside a bearish channel and the only way the price will go up is if the bulls manage to breakout of it.
For now i'm Neutral regarding Aurora but with some luck and some good volume, we could see something good coming out of this, but that ain't certain at all.
My opinion? stay out until further notice.
ACB must change the hourly trendACB looked to be trying to print a daily bull flag but the pullback today and close near the low is more than enough to negate that in my mind. I find the clearest picture on the 1h4 chart where we have a clear downtrend of lower highs and lower lows.
Our lower high of resistance is the high of the afternoon bounce 12.90 and high of the day 12.94 but really I'm not interested until the price can break above $13.00 psychological reisistance. Key level on the hourly chart for the bulls to hold as step one in taking back control is 12.50. If we lose that level, I'll remain patient waiting for a new support to be found and watch the top of the subsequent move to see our new resistance level.
For the record, ACB has now given back 2/3 of the move subsequent to them filing their uplisting documents with the SEC.
For anybody looking at any stock keep an eye on the market. The correlation of every individual name and sector to the overrall market is real and the market saw an all-out dump today, having now given back over 3 months of gains in the past week.
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.
pullback, buy opportunityshort term correction looking to close out. confirmation would be resuming of uptrend at the end of day or at the least tomorrow. Failing to close above trend lines would signal a possible bearish downturn
ACB moves on APH rumoursACB may have found it's new base of support at 12.75 when it broke the lower high pattern on a move that topped out at 13.45. We're looking at the hourly chart here as it offers the most clarity for me. I'm anticipating the bulls to form a higher low above 12.75 and will be watching the pullback for size and volume to consider the liklihood of forming an hourly equilibrium or seeing continuation.
Key range: 12.75 - 13.45
Note that today's move seems entirely related to APH run on news today, news that of course does not affect Aurora in the slightest. I'm not sure how that weighs into what happens next so we will just patiently said for our next long or short signal.
For anybody looking at any stock keep an eye on the market. The correlation of every individual name and sector to the overrall market is real and the market saw an all-out dump today, having now given back over 3 months of gains in the past week.
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 doubletop on watchACB had a big gap up on the release of their impending NYSE uplisting, however the bulls we're able to get much followthrough and spent most of the day consolidating sideways with choppy action, setting a new high of day only to break the low of day a couple hours later. The daily chart shows RSI breaking out bast its resistance trendline but the doubletop at 13.60 and 13.48 shows a significant band of resistance in this area. We also have historical resistance at 13.75 from back in January.
We have a lack of support on the hourly chart because of the gap up open, so when we lose the low of the day we lost the hourly higher low pattern in my opinion. I am looking for some further consolidation before the bulls will be able to continue on the march upwards. I'm personally looking towards 12.86 to fill the gap, and subsequent price action will help me determine if that's a position I'll hold or quickly take profit on.
Key range: 11.95 - 13.60
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.
Aurora Cannabis Inc - New All Times High Incoming !Dear Traders,
Aurora Cannabis Appears Headed to the New York Stock Exchange! This news came out yesterday just before the closing of the market. And as we can see ACB's price broke out like we hoped it would, this is the kind of news we needed to get to a new ATH.
Read more about the news here: www.newcannabisventures.com
Another thing to keep in mind is that Aurora Cannabis Inc. owns 21% of TGOD, so I'm pretty sure TGOD will get benefits from this news. Aurora can still buy up to 51% of TGOD, and this will eventually happen.
Let's see how far Aurora will go on Monday! I'll keep you up to date.
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.
Another boring day in Crypto... AURORA!!Hello traders,
There goes another mundane day in crypto, so I decided to look into more weed stocks and Aurora looks pretty juicy.
Looking at 4 hour chart, Aurora just touched the descending blue trendline. In case of breakout, I will place buying order around $13 and get out around $15 which gives me decent 15% profit :)
I would give 75% chance of bull breakout as it needs to finish Elliot 5th Wave in order to complete the cycle. (Wave 3 is bigger than Wave 1, therefore we should have another wave)
Happy trading!
