ACB - Bullish CrabA classic harmonic pattern suggests that ACB will close the gap at some point this year. Even if the falling wedge breaks to the upside, it remains to be seen if it can reach new highs. Personally, I don't think it realistic to see ACB rebound fully, before they've shown consistency in earnings and revenue, unless some big news catalyst will restore investor confidence. Until then, I am on the sidelines, ready to accumulate at around $7 and lower... I bet we'll see CGC at the $12 threshold at the same time, IF this plays out...
ACB
ACB - Possible Flag formation long setup If you like the cannabis space here is one to watch if it breaks its downward channel. Target 25.83.
ACB AccumulationWhile I am almost certain that there is more pain ahead on the earnings front, at the current valuation, ACB is trading with a market cap this is almost in line with their fundamentals. I would say a market cap of just around $1B would be fair value, while it currently trades with a market cap of roughly $1.4B.
ACB has my interest again since they are cleaning out their closets. Together with APHA, these guys remain the assets that have the most potential for a strategic investment or merger, and in anticipation of institutional money returning to the space later this year, I'm thinking ACB will have a lot of upside. Investors are looking for confirmation, perhaps a good earnings call or other news to send the stock higher and justify faith in positive EBITDA FY21.
We are looking at a falling wedge, with decreasing volume. I'm considering to accumulate shares in the green zone, or alternatively buy in to a bullish break of this wedge. The latter is the safest play. I haven't yet decided if I trust these guys again.
APHA Topping Out - For Now...The Cannabis industry has had a great run, but overvalued pig CGC put an abrupt hold to the recent rally with a desasterous earnings report, dropped without warning on a market that expected them to deliver in line with just 3 months ago. Snakes in the grass! A sell off was imminent anyways, with all that FOMO buying in the 3 days prior...
That said, APHA was due for healthy consolidation anyway, building up power for a move higher.
$4.30 resistance was broken, and has been holding as a strong support zone in the past week when bears attempted to drag her lower. We need volume to pick up if we want APHA to break through the current zone and try for $5. Indicators tell me this may happen first after a pull back.
APHA's fundamentals certainly support the current valuation, and this third largest Canadian LP trades at a large discount when compared to peers ACB, CGC and CRON.
Where to now?
The Bolliger Bands' middle line is currently running alongside the 100MA daily, both approaching previous key resistance $3.89. We should expect strong support here, should $4.30 be depleted. A bounce from $3.89 may see a run up to $5, but if $3.89 doesn't hold, then the current rally may come to an end, and APHA will be looking for a weekly higher low. Regarling the latter, there is a Bullish Cypher pattern in play right now, that becomes invalid when $5.30 upward is broken. I think we have to be very careful. My plan is to buy either a bull break, or as close to $3.89 as possible, in anticipation of a move higher, but with a tight stop, not to get caught in a bull trap...
Levels on watch ;-)
Are Pot Stocks Back? Potential Breakout OpportunityCRON has broken out of the descending triangle pattern (reversal) with a strong bullish candle (+21%) on 6/8/20. This is an interesting setup since the descending triangle chart pattern seemed to form at the end of the downtrend. Over the last several months pot stocks have gotten hammered. Some stocks even falling +90% during the bear market. The fundamentals are beginning to align, and general market sentiment has greatly improved. If sentiment remains positive, there is a possibility that CRON will continue to rally into election season. If there is a strong push for more states to legalize marijuana, then except additional momentum.
ACB Long Term SetupLooking to fill the lower GAP as well as retest lows. If it can maintain support at that level, might see a nice move to the top.
going up for wave B we will touch the green line fib 0.5 which is 32.33. the red line wave 1 of wave A which is 55.87 COULD be touched
Purchasing ACB calls during June.May's monthly candle closed above April's high.
If price returns to April's high, then I will begin purchasing call options at the 11 strike with a July 2 expiration.
[CGC] Indicators Were Correct... Fell Right Back to Down TrendNo trend updates, here, original idea holding up pretty good. Lets see how it plays out.
Bit surprised CGC couldn't bring anything to the game for earnings, they really are a fundamentally strong company, but here's what happened if you're curious.
The ACB earnings FOMO pop pushed the entire market from great value to poor value in one week.
Every buy above $17 seems to have been a small pre-earnings FOMO.
Can't feel too bad, it was a smart hedge just in case of a pop and the long term value here is still solid.
Whole segment still overvalued will continue slide not really worth updating any of my ideas at this point. Maybe looking to load up around $12.
Will come back around once we get mid-way through June when we get back into good value range.
Stay tuned and happy harvesting!
Massive volume at close - interpretation?Curious to hear everyone's comments on how to interpret this last candle? Huge volume with no price movement.
ACB Should Retrace and I'm UnhingedFirst off, please don't take anything I say seriously or as financial advice. As always, this is on opinion based basis. That being said, Aurora Cannabis is due for a breakout. They recently also acquired Reliva, which have many people either skeptical or bullish. The market is hitting resistance at the moment with many people shortening it and negative reactions to the recent events going on. However, ACB is trying to expand in the North American market, and the next cycling line pattern also seems like it should go on a positive correlation. My regret though, is I talked about this a bit before the dip so if I was remotely right, the profit turnover could have still been better. I think short term it has breakout potential, and this is a stable growth stock overall given how they have managed their financials when they are close to being ravaged.
ACB Supply and Demand issues in weed 17 states allow for a small personal grow while 11 states allow for recreational use. Currently states favor you minding your own business and growing your own weed over you going out and buying weed in the public's eye. 21 more states allow for medicinal. 18 states are holding out. CBD is everywhere but it feels kind of in the trendy vitamin arena.
Maybe that will change with Covid but I don't see a rush to market here by consumers. Weed would have to tap the medical profession outside of psychiatry and cancer. "Weed is for crazy people, dying people and hippies" Can Covid break this mindset?
I don't see recreational weed breaking through into more states anytime soon.
Weed stocks have a huge supply and demand issue and as long as states support grow over recreation, that's not changing.
This industry continuously over throws their target.
We'll see some nice pumps from Covid news though and may be worth swing trading.
- Smoke a bowl and support your local farmers
AHPA - All Eyes on CanopyFrom what it looks like to me, APHA needs an impulse to break key resistance around $4.30 and try for weekly resistance around $4.80. She is packing energy right now, and I am expecting $4.10 resistance-turned-support to hold. A break of this support may see a retest of $3.89.
There is no telling if wave 3 is complete yet, though. CGC reporting earnings tomorrow. I expect this to be the catalyst to provide direction for the industry, just like ACB's beat pushed the market last week.
Levels on watch :-)
ACB May Breakout Soon! $45 Target --> Short + Long PotentialFirst off, please don't take anything I say seriously or as financial advice. As always, this is on opinion based basis. That being said, getting into my analysis, I think ACB is about to have another retracement of a past wave correlation it did in 2017, with a higher support curve. The charting data seems there, and that is why I say I am extra bullish on my analysis and hoping to see a wave the next few weeks. Just advised someone on this, so will see if they bite!
$ACB What is with the 13th of May and MJ Stocks??It seems a little strange that all of the mainstream MJ stocks have all started back up the ladder
as of 13 May 2020....not sure why these are all lined up but I am liking the CALL action!!
[ACB] Reliva News Blew Up My Plan, Gravity Still Heavy!Everything was right on track with ACB price marching steadily down as expected for a great buying opp pre-CGC earnings and then BOOM!
Stock popped up from $12 to $17, I sold off another 20% chunk (again catching the top of a 2nd peak on this swing here (just couldn't resist banking more 3x profits on this swing) because the high industry gravity and ensuing market crash was almost sure to push prices back down (it has so far but holding stronger now).
Already emptied 60% on the last spike about 3x ROI in two weeks so my ACB reserves are now on red with only 20% left. As much profit as I've banked here, I am worried that CGC earnings could turn around the whole industry and I'd rather not be caught with my pants down before these stocks really take off!
Gonna suck it up and hedge my cannabis bets buying them a bit overpriced if needed (but hoping they crash back some next week along with market). After CGC though we got a big window before the next earnings we need to worry about so hopefully after another nice swing, prices will continue their downward march and we can really load up big before Q2 (overall Q2 earnings will be bad but cannabis stocks should outperform here).
Good luck navigating these wild times!
Inverse Head & Shoulders breakout for ACB?ACB has been on a nice bullish uptrend since the 12 for 1 stock split, that was a great move on their behalf, however, it is interesting to see them buy a U.S asset & issue shares immediately after lol.
An inverse head and shoulders is similar to the standard head and shoulders pattern, but inverted: with the head and shoulders top used to predict reversals in downtrends
An inverse head and shoulders pattern, upon completion, signals a bull market
Investors typically enter into a long position when the price rises above the resistance of the neckline.
[ACB] Pump and Dump... It's Gonna Collapse AgainFOMO got the best of of the market again. Was a beautiful setup. I loaded up on ACB the 5 days leading up to earnings because it was beautifully positioned at insane value and because almost any shred of good news was almost sure to make this stock pop.
Bought @$6.22, sold ~20% @$10.62 yesterday and another ~20% @ $18.56 today.
Will sell another ~20% if it spikes higher again but it was almost surely being pumped a lot extra from the rally and I expect it to collapse back down, maybe bounce at ~$13 and then return to test lows before next earnings.
The impending market crash will make all cannabis stocks the buys of a century (especially OGI) for a brief couple days. 2021 will see explosive growth and massive gains for all of them.
ACB Swing Setup I hate to be a drug dealer but the chart looks interesting swing , experts here what is your openion ?
