McGuireTO

ACB bulls have their backs against the wall

TSX:ACB   AURORA CANNABIS INC
ACB opened right at $12.00 price support from yesterday and broke it on open, and wasn't able to recover it later in the day. This is not game over for the bulls, as chart support remains at $11.44 but it's certainly a stronger pullback than the bulls had hoped for just 3 days after reaching new highs in reaction to earnings . IF there's any consolation for the bulls it's that this pullback is on decreasing volume .

I am watching the potential for a bearish-reversal Head&Shoulders pattern printing on the daily chart , and will be watching the volume on the hourly chart on the next move for clues if we will continue our daily uptrend or fall back down to test our key support levels.

Resistance for the bulls to start to turn things around is 12.17, followed by 12.60. KEY MUST HOLD support is 11.44. Losing $11.44 puts us in a range with a minimal amount of volume support - I see a lot of support just above $10.00, at $9.06, and the gap on the daily chart $8.64
Sep 27
Comment: Should $11.44 hold I would expect a lower high on the daily - probably in the area of $12.70 or so
Hi McGuireTo!
Do you have any updates for ACB according to Friday market transactions? I see the volume was decreasing but the stock closed the day not bad. I sold all my shares on 12.25 and was looking to get in on 12.00 but did not have a chance..not sure what to expect on Monday..
Thank you
+1 Reply
@MilaZha, yes I do plan on putting out some updates for the sector this weekend
Reply
@isnarain @McGuireTO so head and shoulder pattern like i said? lol
Reply
McGuireTO Androtrade
@Androtrade, possibly! Your neckline is closer to the $9 range and is more of a longer term pattern. I'm looking at one that would have more short term implications (and have us go down to potentially test your neckline!) where my neckline would be the low of Friday $11.21
+1 Reply
Probably we will get some greate news in the nearest future!
+1 Reply
@MilaZha, We shall see, but I'm personally not going to be making investment decisions based on news that might or might not come. A deal with Coca-Cola has been priced in to some degree and if that doesn't come, or if somebody else gets it, ACB will likely see a pullback in reaction to that. I'm being very protective up here given the size of the pullback over the past few days.
+1 Reply
tojustinh McGuireTO
@McGuireTO, a break of 11.44 should take us into oversold.
Reply
tojustinh tojustinh
on the hourly
Reply
McGuireTO tojustinh
@tojustinh, Thanks for the feedback! We're actually quite a ways away from that it seems. I just ran some math and we'll have to flush to 10.77 right at open before hourly RSI hits 30. Best to exercise patience here. TGOD may be the better play tomorrow for an hourly os bounce
Reply
tojustinh McGuireTO
@McGuireTO, Good to know! Thanks for the heads up, Ill be watching the sector.
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar Shows How It Works Chart Features Pricing House Rules Moderators Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Help Center Refer a friend Feature Request Blog & News FAQ Wiki Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out