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
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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.
@balanar_NS, nope read the comments im a trader not a bag holder
BAIND
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With all of the bid/ask walls controlling ACB price action, I would not trade ACB at all right now out of fear that any bullish moves that we will see will just fall victim to some bearish movement on names that correlate heavily with ACB like WEED/CGC and SPY. The fact that the sector had a large run up and ACB saw the least % gain and consolidated the most in the past days is definitely a red flag.
derekh42
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@BAIND, I agree on the 15m chart it kinda looks like a shoulder and a head being made. the high bid ask with the gap up looks like a bull trap.
trader20120
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@derekh42, I was saying the same thing to myself when we dropped to 8.68 and then i said to myself if it drops tmr it would confirm it. I saw a bounce up to 8.34 so i sold bought back in at 8.08 yesterday and now i'm regretting not selling at 8.2 today. It looks like mid 7's next week if it doesn't hold above 7.95 the last support line
derekh42
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@androtrade, yeah heres your 2 scenarios. test 8.00 next week and fall off to retest 6. gap up and rally to 9.50 and break out. honestly the bears are still very strong. EMH, TGOD, FIRE are my winners for september. look at the hourly set up on tgod. and monthly set up on fire. great charts. emh broke out friday and i can see that being a decent trade after it builds and finds support at 5.00 i can see 8-9 in the near future.
trader20120
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@derekh42, 8.36-8.37 resistance confirmed today. Looks like it might break and go higher. Sector is bullish. Especially with beverage partner with TRST
derekh42
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@androtrade, yeah I saw and its weird also like the bears vanished today on acb. my acb position is long position. due to the fact I sold 80 percent at 9.07. and im holding 2000 shares currently. acb is my smallest long trade. i'm heavily in tgod and fire. I think TRST is a great stock. and I highly recommend trading the highs and low on it as they are easily predictable. on the daily chart acb needs to break 8.60 tomorrow and if she does I think the bulls will run acb to 11 ish