Auroracannabis
IGC overvalued, SHORT IGC is another cannabis stock that soared way too fast based on no tangible numbers. The Cannabis market will be a big market for sure. But the energy beverage sector is extremely competitive; we would have to see how the "Nitro G" can compete before the stock soars 1000% in a couple days. This is definitely the pumping phase, and it will come down.
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!
ACB daily equilibrium break on watchI just typed up a big analysis and deleted it, so here we go, round two!
Bulls today were in full control printing a bullish engulfing candle on the daily. Anything under 12.95 is a lower high on the daily, and I anticipate that to be set around $12.75. I would be very impressed if the bulls were able to break $13.00 psychological first thing tomorrow.
The setup here is different than it is on Canopy; Canopy didn't set any hourly support today, but Aurora has a new hourly support to watch at 12.26. The most bullish scenario would be to hold that level then go for a bull-break of 12.95. Losing that support will have us looking down at 12, and 11.69.
If we do lose 12.26 that level I'll be watching the bear volume on the pullback to anticipate the extent of the pullback we will see. If we do ultimately break 11.69 in the coming days, that would put Aurora into a daily downtrend, but I see no warning signs of this happening at this time.
The range to watch is is 11.69 - 12.95.
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 far from support break but showing tell-tale signsACB held up very well today in the face of across the board sector weakness. 11.21 support is key to save the daily uptrend; I do expect that level to hold and I would then look for a tightening daily range and a lower high relative to 12.95.
Volume offers no real red flags but RSI has broken support and shows the first signs of bearish divergence.
ACB offers a potential bottomfish opportunity tomorrow, but be sure to stop out if 11.21 support breaks as that would confirm a daily downtrend and I'd be looking down towards the mid $10 range for a new temporary base.
Sector weakness holding back ACB bullsI'm still impressed by the ACB bulls with their bounce hitting the very top end of my target zone, rejecting from the .786 fib pull just below $13.00 resistance. Having lost the hourly higher low pattern this afternoon I'm confident that our new daily lower high has been set. I'm looking for an equilibrium to form, and anticipating a higher low relative to 11.21 and a daily tightening range as volume drops off. On the break of that range I'll be watching for a volume spike to confirm the momentum.
I love equilibrium patterns because they are one of the best patterns to play in my opinion, but one must keep in mind we're watching this range tighten as CGC / WEED is most likely going to have a daily bear break, putting downward pressure on the sector, including on ACB. Coca-Cola rumours are helping the bulls stay strong, but without an actual deal a rumour can only do so much in the face of a sector that's pulling back pretty significantly.
The range for me right now is 11.21 - 12.95. As long as CGC does not break below $48 (or WEED break below $62) I would definitely be interesting in bottomfishing a daily higher low on ACB above 11.21. If CGC breaks bear, I fully expect ACB to follow suit and lose our key 11.21 daily support level.
ACB is strong in the face of sector weaknessACB broke key daily support but bulls bought the dip and finished strong near the high of the day, completely ignoring the end of day dump by the sector leader on bearish news. Price bounced just below the .382 fib level from low of consolidation to our recent high.
The daily volume was far less than I would have liked on this move, and so I expect a daily lower high to best set Monday most likely. Hourly resistance is 12.60 then 12.98 (call it 13 psychological), and I'm looking for the daily chart to top out somewhere within that range. That said, breaking $13.00 would have me very impressed but we will need much more volume to get there.
The new daily range I'm watching is 11.21 - 13.48 (again, let's call it $13.50 psychological). ACB is holding up much better than many names in the sector on the back of Coca-Cola investment rumours and an uplisting to a major US exchange this month.
In two weeks ACB saw a 70% move from 7.65 - 13.53 and the weekly chart is very extended, and is more likely than not to require a pullback before any continuation to the upside is possible. That said, a news catalyst can definitely change that and push the chart to new highs.
HUGE breakthroughSolid consolidation after ABC correction followed by a spectacular breakout following the coca cola hype.
Wouldnt be surprised to see this over 20$ in 1 month from now purely on momentum following fomo which is typical of any bubble
Short on CRON - Divergence Technicals - CRON 9.78% broke out of a strong resistance today but failed to hold. Price is back within the parallel channel . In addition, RSI is diverging from price action. These are really simple, but strong bearish signals.
Fundamentals - Following the success of Tilray 38.12% , CRON 9.78% soared two days in a row, breaking new highs. However, no significant fundamental news within the company justifies such a jump in prices. I believe that the 560% change in price in 52 weeks is clearly an overreaction and could lead to a massive dump. Institutional investors are massively short on Cannabis stocks in general; CRON 9.78% is overpriced and will drop back down to the $9.13-10 level.
beautiful fib bounceThis additionally proves that 24% fib is a thing as first shown in the hempco graph linked. Also looks to have completed ABC correction which could ultimately be a bullish signal. look for a good buying opportunity around 6.75 (I might enter higher manually) when it tries to fill that gap from 6.50 to 6.88.
possible reversal3 ideas here showing bullish signals:
1. correction/consolidation looks to be coming to a close from falling wedge pattern.
2. Notice Diverging RSI (unconventional). As the price is falling, retraces upward are getting stronger and stronger.
3. Price action goes sideways while entering 38% Fibonacci resistance level.
Volume seems to be increasing, volatility coming back. we should see within the next week whether this prediction is right or wrong. If it starts trending down again from here, short.
Time for action on Aurora!The Bollinger bands are very tight on ACB right now and we have been building a slope for some time now. ACB already tried to break out once but faced high selling volume. I really do believe this will be an easy trade though. I marked out the following Fib levels as targets. Depending on speed, I think we can see 11 USD again soon. The red line is for refill. Below that is absolute stop.
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.
Looky what we have here.So, in the previous chart, I was thinking that it wasn't going to cross that line due to the volume and or buying power. Well, they have just acquired final approval for the acquisition of CanniMed earlier today. A combination of diluted asset and possible positive conviction I believe, has lead to an increase just above the trend line. This has allowed me to move the support line up to ~9.85 and is a step in the right direction, but even if we can get a second confirmation above the trend line, there isn't much play room before we need some bulls to break that resistance at 10.70.
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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.
patience is key, buying opportunity coming up!ACB flat-lined a bit as described in the post linked below. making a small consolidation and is now starting a retreat to a hopefully oversold price (maybe sub $7.00 hopefully).
I want to draw attention to the big head and shoulders pattern that has formed. If the price were to break under $5 Id be very worried for the long term outlook for this stock. That being said I'm bullish on the weed market still, and i'm betting on a strong refusal of this pattern given the current bullish state of the Canadian marijuana market.
This is a long setup but short term short.
ACB updateSo were completing the correction waves here. Still making nice fib bounces with today's confirmation candle. It looks like were headed for the final bottom here shortly, within the next week id say. If this happens it will shake all the weak hands that bought around 12-14$ and well get a nice bounce at 24% or 32% fib are my two buying targets (7.4$ and 5.6% cad). Well see for sell targets if these buy targets even get filled in this long setup.
ACB perfect fib bounces (speculative bubble market)As I mention in a lot of my posts, Fibonacci ratios are great for speculative and volatile markets. ACB doing the same things as WEED (more or less). From the top a retrace to 38% from the top (scary accurate) at $7.2 and looking to retrace the correction (second fib chart on the right) in correction waves anywhere around 38% (10.2) (reached already) and 62% (12.20) Target reached today, from here I believe the second correction will bring it back to around 7 or lower, mirroring slightly what is happening to WEED.
Ill be picking these stocks up nice and low before legalization.
