Slight bearish convergence on the Stoch, and also RSI indicating a possible hourly pullback. Earnings are guided, so the revenue figures are not very likely to drive the price upward. We're looking for profitability. ACB predicted Q4 profitability. The press release issueing earnings guidance only mentioned that they are moving closer to achieve positive EBITDA. Any disappointment on that front will see ACB retest key support at $5.89, and possibly the lower $5 range.
ACB is currently at the top of its downtrend channel, after a nice bounce. Bulls are looking to break $6.30 on large volume to see the price move back up to test $6.65 and $6.83.
Regardless of all the positive news and change in broader market sentiment, not a single pot stock has posted a higher high above a long term downtrend. I feel that all of the past few days' moves, has been correctional, and not neccessarily bullish.
I do feel, however, personally, that the current price levels present excellent buying opportunities for long term investments. If your time span is 4 to 5 years, then ACB, APHA and CRON are buys. CGC, on the other hand, could still have significant downside. I think that the King of Cannabis is about to be de-throned.
Has anybody considered Creso Labs, btw. No debt, pure USA play, excellent pressence, and much worth a closer look.
it was just a built-up of buyers thinking earnings were gonna be good! which it didn't turn out good so seems like a dead bull :(
Barkworth
⋅
@Zivul33, earnings were actually really good, if you look at the bottom line. Loss of only 11M, compared to 36M just 3 months ago. Profitability appears to be around the corner!
Zivul33
⋅
@Barkworth, I don't think the earnings won't help it break the cloud thats why im out but I would say the best play would be this -->
I agree with correctional downward trend statement. My moves are puts for now until it hits rock bottom (that's where you pour the real money in).
Barkworth
⋅
@vcok821030, smart. I have a tiny position at 5.64, and was hoping for another leg down, to stack and go long. We may just get what we’re hoping for ;-)