ACB Aurora Cannabis Long Setup

NASDAQ:ACB   Aurora Cannabis Inc.
On the 4H chart ACB has dropped out of a head and shoulders pattern list winter with high

volume into a downtrend with lower volume now into support / demand as shown by the

Luxalgo indicator. The anchored VWAP is also trending downward with support at the minus 1

and minus 2 standard deviations. The volume profile shows the majority of the recent share

exchanges have been at the $0.65 per share area. If price rises above that POC line of the

profile, ACB will get the attention of new buyers while short sellers will begin to cover thus

causing buying pressure and momentum. I will buy a sizeable quantity for perhaps $1-2K shares

once price gets over that POC line. Prospective buyers will consider this to be a reversal

confirmation. I will be one of them. The first target is the volume void at $0.79 or about

25% with the other target being one standard deviation above VWAP at about $.90. Stop loss

will be set at $0.05 below the entry. For profit insurance I will hedge with a single put option

contract at a strike of $0.70 with a 90-120 DTE to diminish risk at a minimal cost.
Trade active:
The word on the street ( Wall) is that there is legislation in DC that if passed will remedy the issues the MJ industry has with banking liquidity business expansion loans et cetera that have hampered growth. If real, this is good news and once passed should mean a real catalyst for ACB and others.
Trade active:
ACB had a good week running 18% ; Adding to the position.

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