Significant bullbreak puts focus on potential ACB daily breakout
ACB broke the 4hr equilibrium bullish today right before market close then the uplisting NYSE application they filed with the SEC surfaced online. The daily volume is only moderately larger, but the amount of volume coming in the last hour of trading was incredible
The key resistance now for the daily breakout is 12.95, really 13.00 psychological. Key support to hold is 11.69 on the daily. Daily RSI is also piercing through the resistance line and the bulls want to see continuation early next week to accompany this 4hr breakout.
Looking at the 4hr, you can see the clear bullbreak of 12.65 resistance on the 4hr chart. There's a lack of support down to 11.95 and the chart is over-extended.
Looking at the 5min chart you can see there hasn't been any short term supports set since 12.05. We are very over extended here and there are no good entries without some healthy consolidation to cool off the charts and give the bulls a rest. You can see the incredible amount of volume pouring in when the SEC uplisting documents surfaced online - so even though the daily chart didn't have impressive volume, you can see how much bullish momentum came in at the end of the day. There were definitely shorts being squeezed on this move, and the next level we will see shorts cover is on the break of $13.00 in my opinion. The Canadian exchanged is closed Monday for Thanksgiving so it will be up to the American ticker ACBFF bulls to determine the fate on Monday.
Be aware there is market correlation between the mj sector with the S&P500, and keep in mind that it lost the weekly 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.
The key resistance now for the daily breakout is 12.95, really 13.00 psychological. Key support to hold is 11.69 on the daily. Daily RSI is also piercing through the resistance line and the bulls want to see continuation early next week to accompany this 4hr breakout.
Looking at the 4hr, you can see the clear bullbreak of 12.65 resistance on the 4hr chart. There's a lack of support down to 11.95 and the chart is over-extended.
Looking at the 5min chart you can see there hasn't been any short term supports set since 12.05. We are very over extended here and there are no good entries without some healthy consolidation to cool off the charts and give the bulls a rest. You can see the incredible amount of volume pouring in when the SEC uplisting documents surfaced online - so even though the daily chart didn't have impressive volume, you can see how much bullish momentum came in at the end of the day. There were definitely shorts being squeezed on this move, and the next level we will see shorts cover is on the break of $13.00 in my opinion. The Canadian exchanged is closed Monday for Thanksgiving so it will be up to the American ticker ACBFF bulls to determine the fate on Monday.
Be aware there is market correlation between the mj sector with the S&P500, and keep in mind that it lost the weekly 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.