McGuireTO

ACB finds it's support

TSX:ACB   AURORA CANNABIS INC
My last published piece on ACB indicated the bulls were looking for a new base of support, and today it's become clear that line in the sand is $12.00. The day started with a higher open and a strong attempt to break $13, and profit taking starting a minute into the day. Bulls immediately fill the gap to the penny and tried to rally from there, but were unable to do so and bounced off of $12.01.

At numerous times today you could see $20 million on the bid between $12.00 - $12.15, telling me white the chart support is down at $11.44, this is where people find VALUE and that's an important support level too. With weakness today across the sector and weakness in the overall market with reaction to the FOMC minutes and the declaration that "stocks are too expensive", it's going to be very telling how the price reacts to $12.00 tomorrow. That's the line in the sand.

Hourly resistance to give us confidence the daily higher low is in is at $12.60, that small range will be on watch tomorrow. That break will give us directional momentum for the next couple of days.
@McGuireTO Not seeing any rally today. ACB broke support at 11.70. Are we looking to test 11 today or go back up to 12.60?
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@intel2, I didn't see any support at 11.70 although perhaps someone else's analysis did. The key levels for me were $12, where the bids were yesterday, and key daily support at 11.44. Breaking that level I think a test of $11 is likely in the cards. Right now we just have to watch the ranges tighten. Support 11.58, resistance 12.60 and w
+2 Reply
mnawaz2043 McGuireTO
@McGuireTO, Thanks again, 11.60 area seemed like strong support for the day. I would love to hear your thought for tomorrow.
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Great stuff, I love your thorough analysis, coupled with industry chatter and other variables that could play a role. Keep it up! :)
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McGuireTO mnawaz2043
@mnawaz2043, I really appreciate that feedback! I'm happy people are finding this useful
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MilaZha McGuireTO
@McGuireTO, very useful!!! thank you!!
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Thanks for the excellent advice
What website do you use to watch live trading on these stocks?
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McGuireTO Dream-chaser
@Dream-chaser, I look at the order book in my broker and watch the charts here on Trading View
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Dream-chaser McGuireTO
@McGuireTO, boss I do the same thing but tradingview is slightly delayed I find.

I’ve also noticed rally’s typically begin right when the exchange opens but never during the day I find
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McGuireTO Dream-chaser
@Dream-chaser, You have to pay for real time data. Look at the data packages in your account. If you do have the proper packages I'd contact TV support for help
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