Good morning everyone!
The stock market has never been so exciting! With the elections going in our favour of legalizing cannabis in the federal level for the US, I speculate that the bullrun for this year is not yet over.
On to the technicals, I still stick to my previous chart patterns and previous lay out from my Aug/Sept post. We just bounced off the 70% fib retracement and on our way back up. With the elections acting as our main catalyst(co-incidence? I think not... nothing is a co-incidence in stock markets), Volume has remained strong and support the price movement going up. It has been bullish candles ever since the bounce off. I still truly believe (in my own speculation) that we are not done with our bull run. Based on historical events back in 2014 when we had one of the states in the US legalize MJ, the first bull run was just a way of getting the attention of the public to participate in this market. Now that the institutional investors(and us who knows how the market psychology/technical works) have taken profits, the bounce has been created. I think we will still hit that 17 CAD mark! It needs to beat the previous high (no pun intended) from early 2017. In the technical sense, the Oct 2017 high does not co-relate with the momentum of the market. We need to beat that high. ACB is a strong company. WEED has doubled its Jan 2017 high. ACB is only bound to do so and this would be the price target that I would have if we are to beat the previous highs. If ACB does not the previous high, the chart would form a double top, which indicates a bearish pattern.
I am Balanar. I stalk these charts day and night.
Happy trading.
The stock market has never been so exciting! With the elections going in our favour of legalizing cannabis in the federal level for the US, I speculate that the bullrun for this year is not yet over.
On to the technicals, I still stick to my previous chart patterns and previous lay out from my Aug/Sept post. We just bounced off the 70% fib retracement and on our way back up. With the elections acting as our main catalyst(co-incidence? I think not... nothing is a co-incidence in stock markets), Volume has remained strong and support the price movement going up. It has been bullish candles ever since the bounce off. I still truly believe (in my own speculation) that we are not done with our bull run. Based on historical events back in 2014 when we had one of the states in the US legalize MJ, the first bull run was just a way of getting the attention of the public to participate in this market. Now that the institutional investors(and us who knows how the market psychology/technical works) have taken profits, the bounce has been created. I think we will still hit that 17 CAD mark! It needs to beat the previous high (no pun intended) from early 2017. In the technical sense, the Oct 2017 high does not co-relate with the momentum of the market. We need to beat that high. ACB is a strong company. WEED has doubled its Jan 2017 high. ACB is only bound to do so and this would be the price target that I would have if we are to beat the previous highs. If ACB does not the previous high, the chart would form a double top, which indicates a bearish pattern.
I am Balanar. I stalk these charts day and night.
Happy trading.