Long
Aurora Cannabis Trend Break
Aurora Canabis (
ACB) is primed for a rebound. With Elon Musk tweeting about legalization and the 2020 election on the horizon, expect legalization talk to see a resurgence and renewed interest in the cannabis market.
It's also technically sound, as several other posters have noted, having broken its medium-term downtrend and formed a classic bull flag pattern. This break out of the downtrend was also on considerable volume. It's price range is now squeezing / consolidating, giving every indicator that it will make a major move in the very near future.
More conservative, long-term investors can look for the major price markets at $16 and $20, respectively. Swing traders and more aggressive traders should consider immediate entry after pennant break (around $14.50-$15.00 depending on how aggressive you are). Look to the July $20 strike options as a potential position.
ACB) is primed for a rebound. With Elon Musk tweeting about legalization and the 2020 election on the horizon, expect legalization talk to see a resurgence and renewed interest in the cannabis market.It's also technically sound, as several other posters have noted, having broken its medium-term downtrend and formed a classic bull flag pattern. This break out of the downtrend was also on considerable volume. It's price range is now squeezing / consolidating, giving every indicator that it will make a major move in the very near future.
More conservative, long-term investors can look for the major price markets at $16 and $20, respectively. Swing traders and more aggressive traders should consider immediate entry after pennant break (around $14.50-$15.00 depending on how aggressive you are). Look to the July $20 strike options as a potential position.
Note
Longer term view that makes the volume on this move even more noteworthyTrade active
LONG 17 Jul $20 call option @ 14.35 (Purchased at 0.60 / contract).Target 1: $17
Target 2: 19.50
Target 3: 23.55
Will readjust option position while active.
Note
Expect minor resistance / consolidation at this level. If it pushes completely through it's extremely bullish.Note
Well that was fast - we blew right through that resistance!Note
Finally seeing some consolidation after what I'm theorizing may have been a $15 stop-loss short squeeze. Going to slow down the comments here, but now would be a good time to consider entry if you haven't a lready.Trade closed manually
Closed yesterday at mark 0.96 due to concerns with lack of volume. Still bullish on this position and will be watching closely for re-entry. It is effectively re-forming / remaining in the pennant, so I'll be watching that $16 mark
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.
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.