Updated
Aurora Cannabis Inc! Technical analysis into 2019!
Hello everyone, hope you are well. This is a technical analysis on ACB.
Aurora Cannabis Inc. is a Canadian licensed cannabis producer, headquartered in Edmonton, Canada.
In this analysis, we have 4 quadrants which show the accumulation and distribution cycles in 147 day periods.
After rejecting the 2018 highs, we did post a new HH, however we closed as a bearish engulfing candlestick on the weekly timeframe. Now that we are in this distribution stage, we have fallen over 50% within a 2 week period.
The .786 fib level is showing rejection, if we bounce and continue higher I see a further rejection from going higher near the .50 fib retracement near the $8.00 figure.
There is a gap that needs to be filled near the $4.00 region and this is where I will accumulate. Looking for March as the next interval to go bullish, time will tell.
Thank you
Aurora Cannabis Inc. is a Canadian licensed cannabis producer, headquartered in Edmonton, Canada.
In this analysis, we have 4 quadrants which show the accumulation and distribution cycles in 147 day periods.
After rejecting the 2018 highs, we did post a new HH, however we closed as a bearish engulfing candlestick on the weekly timeframe. Now that we are in this distribution stage, we have fallen over 50% within a 2 week period.
The .786 fib level is showing rejection, if we bounce and continue higher I see a further rejection from going higher near the .50 fib retracement near the $8.00 figure.
There is a gap that needs to be filled near the $4.00 region and this is where I will accumulate. Looking for March as the next interval to go bullish, time will tell.
Thank you
Note
Rebounded nicely off what seems to be a new found support. $8.00 region has been rejected as mentioned. Bearish trend continues....Note
As expected, we have made our way down to the consolidation level near $4.00 per share. Upside potential has moved this stock to $10.00 highs.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.