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AURORA CANNABISAURORA CANNABISAURORA CANNABIS

AURORA CANNABIS

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21P trade ideas

ACB hourly equilibrium on watchThe oversold bounce is starting to feel toppy with a bearish reversal candle on the daily and declining volume. The high of the day rejected from the 100MA and we're in an hourly equilibrium now to determine if we're going to see bounce continuation or set a higher low on the daily chart. I would also look towards Canopy for clues on how the sector leader breaks. Key levels for hourly eq: S: 8.63 R: 9.12 _____ For anybody looking at any individual stock it is imperative to keep an eye on the overall market and the analysis I do on SPY. The correlation of every individual name and sector to the market is very real and affects every stock you own.
TSX:ACB
by McGuireTO
ACB - Time for a reversal ?Dear Traders, ACB took a huge hit, but i'm happy that thanks to my previous TA I expected a big drop. I saw a Bearish Divergence and I stayed far away from ACB, WEED, TGOD and APH. But i decided to have a look because a reversal in imminent at this price. On the 1hr chart I see a Kangaroo Tail which is a bullish pattern, and I also see that my histogram is showing a Divergence, a bullish one. I think we might see a little uptrend towards 8.90C$, which is our 21 ema (Resistance), if that breaks, we should see a run towards 10.25C$ which is the 55 ema. Let's keep an eye on this one tomorrow.
TSX:ACBLong
by Raw_Blitz
2
Aurora bulls buy the gap down openQuick updates tonight. ACB had a big gap down and giant bounce in the first 30 minutes of trading, and remained in an hourly equilibrium for the remainder of the day. Bulls made an attempt at a new high of day in late afternoon but came 4c shy of resistance. The end of the day saw SPY with big bull move finishing up near the high of the day on the strength of both the tech sector and financial sector, while Canadian MJ was unable to derive any momentum from the this move. That does give some reason for concern with bulls being so close to resistance but unable to break it. Tomorrow first thing the bulls want to break our two hourly resistances in order to see bounce continuation. Failure to do so a second time would be a red flag. Key levels: Support: 7.55 Resistance: 8.16, 8.20 If the bulls find the momentum to break this range and see continuation on the hourly bounce, we would look for a 4hr lower high compared to 11.29. There are numerous hourly resistances on the way up to that level, giving Aurora several more hurdles that Canopy and Aphria don't have to deal with. _____ For anybody looking at any individual stock it is imperative to keep an eye on the overall market and the analysis I do on SPY. The correlation of every individual name and sector to the market is very real and the market has been showing significant weakness over the past four weeks. This correlation affects every stock you own.
TSX:ACB
by McGuireTO
2
Aurora nears daily oversoldACB continued its recent pattern of lower lows, dumping the whole day and closing down over 16% in one of the most stand-out bearish days this sector has seen. There is no doubt in my mind this weakness is in large part to the overall stock market dumping for the past four weeks, so be sure to keep an eye on the correlation to SPY. We've now given back 80% of the run up from August 14th to all time high over the past 10 trading days. Where we stand, Aurora has a lack of support here. Regular readers know I anticipated a bounce before our key weekly level 7.65, which we broke today by 10 cents. This was very unlikely to happen, which speaks to just how weak this chart is. The daily RSI is approaching oversold, and is the lowest level it's been since August 14th. I'm now anticipating an oversold bounce. Why do I anticipate a bounce in the very near future? RSI levels on multiple timeframes are currently at or near historical bounce levels: Daily - 30 4hr - 21 1hr - 21 If you did not stop out on one of the bear breaks over the past two weeks, now isn't the time you want to sell your position. Instead, you probably want to wait for a bounce to get underway, as we are likely to see at least a couple days of follow-through. Of course, if your mindset is to hold your position for years, then stop checking the price every day or you will drive yourself crazy. In my opinion, the bounce will not start until the CGC bounce starts....which will not start until the S&P bounce starts. If you are one of the people who have asked me over the past couple months about a good time to buy Aurora, these conditions are ideal for starting to SLOWLY scale into a long term entry you plan to hold for years. Just be sure not to invest all your money at once. Keep in mind we have no more upcoming catalysts for the sector, and the correlation to the S&P500 could mean several months of continued downside for ACB. I'm looking at the 1hr chart right now for our levels. We remain in a downtrend with clear lower highs and lower lows Key levels to watch for trend change/continuation Support: low of day 7.55, 6.67, 6.07 Resistance: 9.38, 9.88, 10.07 While Canopy and Aphria have a lack of resistance once they clear their two levels, Aurora has many more resistance levels to deal with. _____ For anybody looking at any individual stock it is imperative to keep an eye on the overall market and the analysis I do on SPY. The correlation of every individual name and sector to the market is very real and the market has been showing significant weakness over the past four weeks. This correlation affects every stock you own.
TSX:ACB
by McGuireTO
ACB trying to hand on waiting for Canopy's breakAurora has a much weaker setup, and looks clearest to me on the hourly chart. Unlike Canopy, Aurora has broken down to lower lows although bulls are still buying the dip so far. Friday closed with weakness heading back down towards the end of the day. We remain in a clear hourly downtrend with lower highs of resistance on each little bounce. The bear breaks on the hourly chart have so far been met with little followthrough as Canopy remains in its equilibrium. This correlation favours the Aurora bears; if Canopy breaks bearish, Aurora is well positioned for greater downside because of how much weaker the chart currently is. ACB is also down close to the golden pocket retrace from the low of its August consolidation to new all time high, but has broken below the .65 unlike other names with stronger setups Key levels for Monday Support: 9.00 Resistance: 9.88 _____ For anybody looking at any individual stock it is imperative to keep an eye on the overall market. The correlation of every individual name and sector to the market is very real and the market is showing significant weakness over the past three weeks.
TSX:ACB
by McGuireTO
4
Aurora the weakest of the big 3ACB is the weakest 4hr setup of the three names I typically follow in the mj sector. We're in a 4hr equilibrium but the bulls are not giving any confidence here, having failed to even set a lower high the way Canopy and Aphria already have. support to hold is 9.14 and resistance is 11.29. A break of 9.14 support area and we're looking down towards 9 psychological, and then 8.64. A break of 11.29 resistance and we're looking to set a daily lower high, compared to 14.36. I'd be watching the Middle Bollinger Band on the daily chart as a likely profit target, as price tends to reject the first test of this level. That's currently at 12.43. Update that level each day. The addition of ACB to the NYSE opens it up to a whole new class of people who can short the stock. I didn't realize that OTC tickers could not be shorted. This could explain for the much greater weakness in this name. The direction CGC breaks will likely dictate how the rest of the sector breaks. I'll be looking to play the more bullish names on a bull break, and I'll be looking to play the weaker names like ACB on a bear break. The daily setup here is a bear flag, I need to see a bull break of the equilibrium to negate the bear flag. IF we get a bull break, it would almost certainly not happen tomorrow, but next week instead. _____ For anybody looking at any individual stock it is imperative to keep an eye on the overall market. The correlation of every individual name and sector to SPY is very real and the market is showing significant weakness over the past three weeks with warning signs of further potential weakness potential into next 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.
TSX:ACB
by McGuireTO
8