ACB - letting the dust settle

Watching the ACB .TO range from low of the gap up on Monday morning to high of today. Today saw significant bull breaks of key levels 11.77 and 11.98 leaving very few resistances left until the all time high. However, some healthy consolidation is required.

Today's low bounced right off the .5 retracement of the fib pull with swing low as the oversold bounce low, to the high of today. It will be interesting to see if that new support holds. I'll be remaining very patient as the next couple of days set a tightening range with new levels to play off of. The break of that tightening pattern will set momentum for the days to follow.

Today's bear volume was very notable. We know there is ETF balancing ongoing this week that must settle up Friday, so I am leaning towards seeing more selling pressure into tomorrow and Friday.

I find the most clarity on the daily and 4hr charts.
What do you think we can expect tomorrow?
Thank you
+1 Reply
@MilaZha, thanks for stopping by. ACB finished very strong today with clear institutional buying going on. I'm looking for ACB to break the high of yesterday, 12.55, immediately or I will be protective of my position. There is significant resistance at 11.55 and 11.56 as breaking that level would be a higher high on the monthly chart. If that level does not break I will be watching the pullback from there looking for the first signs of bull momentum to take another shot at it.

I'm also keeping in mind HMMJ ETF still needs to sell a large position in ACB.TO so I will be very quick to take my profit if I see any signs of a significant selloff begin
MilaZha McGuireTO
@McGuireTO, when do you think they might start selloff? I mean HMMJ.. I am thinking to buy more ACB and looking for a good price around 10$.. Do you think we will see this price in the nearest future?
@MilaZha, I will be a buyer if we do see $10ish this week. HMMJ was supposed to have completed the rebalance on Friday but they are still overweight. I asked them if they were going to change thee rules regarding the 10% weight limit and they referred me back to their rules without answering. Unfortunately their rules say both a 10% weight limit and that they can change the rules at any time. Not very helpful.
MilaZha McGuireTO
@McGuireTO, thank you, will be waiting for news
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