ACB - Looking at the bigger Picture
Updated
Dear Traders,
This TA is strictly meant for swing traders.
Looking at the weekly chart of ACB, we can see that the bears are in control. Price action is very close to a critical point in my opinion.
If the bulls fail to support at the 100 moving average located at 5.22$, we could see a drop to the next support located at 4.07$, and if that one doesn't hold, then we could see a huge drop back around 2.65$.
In my opinion, the hype around Aurora is over, there might be some serious selling if they don't release some good news. With the negative vibe hanging in Canada about shortages...
If the bulls manage to run up above 7.41$ then we could see a whole different scenario.
Let's see what will happen the next weeks.
Keep your eyes on the charts!
If you have any questions or any thoughts, feel free send me a PM or to comment on this TA!
If you'd like to join my Discord Channel to talk about stocks, share knowledge and have a laugh then please send me a PM so that I can link you to it!
Take care!
This TA is strictly meant for swing traders.
Looking at the weekly chart of ACB, we can see that the bears are in control. Price action is very close to a critical point in my opinion.
If the bulls fail to support at the 100 moving average located at 5.22$, we could see a drop to the next support located at 4.07$, and if that one doesn't hold, then we could see a huge drop back around 2.65$.
In my opinion, the hype around Aurora is over, there might be some serious selling if they don't release some good news. With the negative vibe hanging in Canada about shortages...
If the bulls manage to run up above 7.41$ then we could see a whole different scenario.
Let's see what will happen the next weeks.
Keep your eyes on the charts!
If you have any questions or any thoughts, feel free send me a PM or to comment on this TA!
If you'd like to join my Discord Channel to talk about stocks, share knowledge and have a laugh then please send me a PM so that I can link you to it!
Take care!
Note
Price dropped and touched my Support line (the red line) and bounced off. Aurora needs to give us good news before this drops like anticipated. Remember. Don't be scared to sell and to take your losses. That's the most important part of becoming a successful trader. Knowing when to cut your losses and to move on.Note
Price action dropped under the Red support line. I think the price might drop towards 5.22 which is the next big support (the 100 ma).Traders will put buy orders around that price area and this will try to create a nice reversal.. But I'm not sure that will happen. My indicators show me that Bears are in control. ACB did release some news saying they are exporting medical Marijuana to the Czech Republic but is that news good enough to bring in new investors with big wallets that could change the path this stock is going?
Related publications
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.