With the all bullish rally's in the sector ACB has been left behind due to almost 1 billion shares. Companies are Cron in my opinion are worthless are making new highs. ACB finding huge selling pressure in the 9's including myself. ACB looked like it was going to break out yesterday we had a bullish flag and the rally to 9.35 followed by huge mark sells pushing acb back to the 200 day moving average. soo what's next? could find support around 8.15 and rally but I don't think so I am thinking one more leg down mid 7's and rally and test 12.5 by December. their are better stocks out there. people are selling acb and buying into aphria and canopy. I wouldn't be buying acb until it hits 9.5 and buying into the momentum. or id be a buyer under 7.15. its a sketchy short due to the momentum of the sector but the momentum of the TSX is saying we should be going lower.
Comment:
Soo the bull rally was extreme I told myself I would buy 5000 shares if we hit 8.50 so I did now have 9000 long shares. scrap the short here comes a massive gap up to 9.30 rally to 10. this was a bull trap and the bears covered all day long. the RSI had momentum to be a decent short play but the bulls rallied hard today and a break out in the downtrend will be tomorrow and the bulls will show the power. when the bulls run with aurora they run fast.