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.
Aurora
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.
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.
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.
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!
Aurora - Technical AnalysisDear Traders,
Looks like we enterred a second ''bearish'' tunnel, but if we succeed in breaking out of it like we did the first time we might see another run soon. But if we break downwards we will officially retracing towards the 0.5 fib level again, which held twice already so that looks like a good entry point for those who want to re-enter this trade, but this will only happen if we break downwards of this channel.
About Aurora:
Aurora Cannabis Inc is a Canada-based company engaged in the production and distribution of medical cannabis. The Company is vertically integrated and horizontally diversified across every key segment of the value chain, from facility engineering and design to cannabis breeding and genetics research, cannabis and hemp production, derivatives, home cultivation, wholesale and retail distribution. The Company's purpose-built facilities, which integrate technologies across all processes, are defined by automation and customization. The Company has a funded capacity of more than 500,000 kilograms per year, as well as sales and operations in more than 18 countries worldwide.
ACB bulls have their backs against the wallACB opened right at $12.00 price support from yesterday and broke it on open, and wasn't able to recover it later in the day. This is not game over for the bulls, as chart support remains at $11.44 but it's certainly a stronger pullback than the bulls had hoped for just 3 days after reaching new highs in reaction to earnings. IF there's any consolation for the bulls it's that this pullback is on decreasing volume.
I am watching the potential for a bearish-reversal Head&Shoulders pattern printing on the daily chart, and will be watching the volume on the hourly chart on the next move for clues if we will continue our daily uptrend or fall back down to test our key support levels.
Resistance for the bulls to start to turn things around is 12.17, followed by 12.60. KEY MUST HOLD support is 11.44. Losing $11.44 puts us in a range with a minimal amount of volume support - I see a lot of support just above $10.00, at $9.06, and the gap on the daily chart $8.64
Cron high on WeedOur stock pick for today will be Cronos. Looks like a decent buy considering the hype around pot stocks.
As the dates gets closer to the Canadian Marijuana legalization(expected Oct 17), positive sentiments may drive this stock up. With alot potential growth and a rumours on Coke + Marijuana(Wild Dreams) this stock is one to watch.
Another counter from the same sector that interest us is Aurora Cannabis. Looks bright long term but high risk due to high speculation.
On a TA point. rebounded above $8 and looks like a potential break out. We will not put all our eggs on this but to diverse a small portion for big growth.
ACB see's a dip to $7.92 after announcement about MedReleaf" ACB announces it has received shareholder approval at a special meeting, held today, for the issuance of shares in consideration for the planned acquisition of MedReleaf Corp. ("MedReleaf"), a well-known Canadian Licensed Producer based in Markham, Ontario that delivers premium medical cannabis products to domestic and global markets, and compelling brands to the adult-use recreational market."
Dillution, is a fact of company issuing shares for operating expenses, in this case it's a merger.
There won't be a dillution, more shares will be issued and capital value of company will increase. So, currently 4.2bln, and it will be 7.6 bln, about the same as Canopy. It's the reason why Canopy is declining, because Aurora is bigger now.
Leaders in the industry get higher p/e and share price as result... soon will be back at $9. There's some selling by Medreleaf are going on Aurora side, it's a reason, why we can't push back above 50 days.
More Information about the Announcement here:
Industry-leading scale: Funded capacity will increase to over 570,000 kg of high-quality cannabis per year, to be delivered through nine facilities in Canada and two in Europe
Low production costs and industry-leading yields: Aurora's automated 'Sky Class' greenhouses are expected to deliver industry-leading efficiencies and ultra-low production costs of well below $1 per gram, delivering sustainably robust margins. MedReleaf's high-yield cultivation techniques are expected to further enhance productivity and reduce costs across the combined entity's facilities.
International distribution: Aurora has established a strong and rapidly growing footprint in the international medical market. The combined entity is now well-positioned to rapidly gain market share in a number of significant markets. Most notable among these, is the European Union, which will have in excess of 400 million people following Brexit.
Expanding brand leadership: Aurora, CanniMed and MedReleaf represent three well-established medical cannabis brands, and a growing portfolio of premium consumer and wellness brands including San Rafael '71, Woodstock, and AltaVie that are backed by detailed consumer and marketplace insights and advanced analytical frameworks. This brand leadership positions the combined entity well to drive accelerated growth through its existing distribution channels for the domestic medical and consumer markets, as well as the international medical markets.
Scientific leadership: Each company is actively engaged in clinical trials and medical studies, which has resonated strongly with the international medical community, driving above-average prescription rates and referrals. Further, both companies have developed considerable expertise in cannabis plant genetics, enabling the development of new cultivars with specific traits for a variety of domestic and international markets, as well as strains optimized for automated cultivation.
R&D: The combined company will have an industry leading Science and Research & Development team that includes approximately 40 PhDs and MScs. Both companies have a proven track record in developing new products, adopting new technology throughout the value chain, and integrating innovations from third parties. Combining these capabilities will accelerate product development and technology adoption, creating strong, defensible competitive advantages, including, management believes higher-margin offerings to drive above average profitability.
ACBFF Aurora Cannabis INC. The bearish side of the story! :(Lets keep it simple?!
I have charted ACBFF already with great results with a more positive outlook. I've came across another possibility that is short term bearish, but still long term bullish.
I've explained most of the indicators in my previous chart, but here I just want to show levels, potential break outs and pull backs.
I have labeled a small bounce area already for tomorrow or the next day, but ultimately will get to the $6 area again.
This chart here shows what could happen if the wedge fails at that level, taking us to the 618 for what I believe could be the final bottom.
The end of this longer failed wedge rolls right into new years, which could be a perfect time for the 618 level wedge to break out.
Will update chart as time goes by, attempting to give clarity to the market. Corrections are healthy, health is never easy.
Happy Trading, debating and speculating! FOLLOW for updates!
ACBFF Aurora Cannabis INC. Down before getting higher?Lets keep it super simple!
I've been watching Aurora for some time now, and let me start off by saying this chart im posting is NOT in my favor with current position, but I cant just say its going up because I want it to, so lets look at what the chart has to say! Ill add more of course. Im in at @ 5.81 - 6.41, but sold on close today on the descending wedge formation @ 7.11.
This chart is the 15 minute because at the end of this wedge in a wedge, you cannot see the details with the 4 hr or daily.
We have seen this bounce respectively above the 5$ area, which is the blue line at the bottom.
There is a false breakout of long term wedge at $8, and has fallen back into place. We have a descending wedge pattern into close today, which I didn't want, but it is what it is.
Now if this wedge plays out through the end of the month, we should see another bounce at the bottom of the larger wedge at around 5.85 (labeled in green)
You can see we have indications to sell since 8$ on the 4 hour, and have slight momentum change bearish, but to note NO sell signals on the daily. Ichimoku is also crossed bearish just slightly.
I expect a small bounce around 6.75 back to maybe the 7.2 area, but will not play that trade, as ill be waiting for the full retrace to go long.
Happy Trading, Debating and speculating! Never give legal advice! I want everyone to win!
Aurora bounced off resistance, but faces heavy resistance.We can see that TSX:ACB just can't seem to keep volume or momentum. Although it had traced all the way back down to the .618 Fibonacci retrace, where it finally found some support and did a little bounce, but there is now heavy resistance it will have to face at 10.60. It is following the temporary downward trend line, indicated by the dotted green line, coming to a triangle where the upward trend line meets current support at ~9.57. We can confirm some new light support if the next couple candles close at somewhere around, or above 10.00.
Aurora didn't even get high and still needs support.Aurora didn't get as high as the other stocks, rather ending the last few days in the red. Forcing me to remove the previous support I was worried about, as well as the possible new upward trend line, replacing it with a dotted green temp downtrend line. It didn't recover well from that broken neck. There wasn't much of a shadow and the candle closed almost full red, indicating that we may still be headed in that direction. We will probably see 10.80 and possibly 10.50, as we closed below all three MACD's according to Bill Williams.
ACB HUGE BREAKOUT COMING (Aurora Cannabis)Inverse head and shoulders pattern has formed on the daily chart for ACB. It has tested a bottom three times and has been in tight consolidating patterns for the last 21 days -- the longest period of consolidation yet in the stock's history. Bollinger bands have tightened signaling a nearing breakout, with bear volume reducing and bull volume increasing, signaling an imminent breakout to the upside.
Whether you check the weekly or the daily chart, the inverse head and shoulders pattern has completed and the stock is signaling a strong upwards movement.
On the weekly chart we've formed higher highs three weeks in a row with increasing bull volume. Anticipate huge volume next week and a breakout.
Aurora's neck is broken. Indecision Volume.Sometimes breaking your neck isn't always a bad thing. After a fairly large consolidation after that inverse head and shoulders pattern, we can see from the 4h chart today, ACB is logically following suit with WEED , just cracking the neckline (indicated by the purple line) and waiting for that second confirmation above. The shadows of both candles just barely touched the resistance line at 12.00. The combination of these two factors means that we will probably see a hesitation, which generally happens after the neckline is broken with any sort of volume influx. Support was raised to ~10.60, stop loss is at 11.30, in case it decides to form a head and shoulders pattern and come back down to retest where the MACD's meet new support, but it is looking like we may close with indecision.
Thank you for viewing my charts!
Can't do it Captain, she don't have the powah.As we can see it has broken below the previous support line and tested twice, confirming the new positioning of the line of resistance. I have also redrawn a slightly longer chart, with a bigger Fibonacci snapshot and new downward trend line that was squeezed down to meet the upward trend that we were previously starting to form. That line has also been taken back to a further re-test point, so it gives a clearer indication as to where it will most likely bounce off of for the re-test of 9.00. If for some reason it decides to straddle the 0.618 retrace for some reason, it will inherently smack off the newly created downward trend line, as there is not enough buying power to reverse any time soon. It will be interesting to see how well it holds up from then, until the time of legalization.
I don't like that red line.My candles hurt from smashing the top of their head on this resistance line, hopefully they didn't get knocked out. As of now, it just lays down at the 0.382 retrace. If it doesn't get back up and stumbles around, it may very well re-test 9.00. All we do know, is that it has been consolidating and running a borderline doji indecision for to long, and it's not looking good for the bulls.
