McGuireTO

ACB searching for a new base of support

TSX:ACB   AURORA CANNABIS INC
ACB had a big gap up on earnings this morning and saw a continued run into their conference call, however when the call failed to deliver a news catalyst investors started to take profit, breaking the low of the day and dropping to test former key resistance $12.56 as support. This bearish candle suggests further downside tomorrow, and I'll be watching two key areas for support. First, the low of today 12.54, and second the gap fill 12.36. We also have hourly support just above 12.00.

What would a healthy pullback look like? Holding above $12 psychological would show the bulls maintaining complete control, but really the must hold level is 11.44, the loss of which would indicate we're in for some heavier consolidation rather than an immediate continuation of this bull move. If that were to happen I'd start watching for trend changes on smaller term timeframes as we approached key Fib levels as indicated belowl.

The decreasing bear volume on the hourly chart has me expecting we will hold above $12.00 at least on the first attempt; however weakness in the sector and the overall market will be a correlative factor to watch.
@McGuireTO Great call! Any guidance for tomorrow? All the biggies WEED APH ACB were within a tight range. Noted ACB was building quite some support around 12.15 today (in the closing minutes). Is it likely to test 11.80? 11.44? before the travel up starts. Of course sector news will play a role. Perhaps this will help https://www.bnnbloomberg.ca/ontario-lays-out-private-cannabis-retail-plan-1.1143583
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@intel2, Thanks! I just updated a new idea, and will be adding a few more for the sector shortly
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intel2 McGuireTO
@McGuireTO, cool. thanks!
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Brilliant Call!
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McGuireTO nick.d.bergeron
@nick.d.bergeron, Thanks! Still not confident yet on direction but we should get clues tomorrow
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@McGuireTO Superb call, please keep us posted should anything change.
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McGuireTO mnawaz2043
@mnawaz2043, Thanks, I'll be publishing more ideas tonight
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mnawaz2043 McGuireTO
@McGuireTO, Appreciate it buddy. Keep up the good work!
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every pot stock is desperating now for new catalysts
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i disagree, we are likely to test $12.54 again and then rebound, but if we break then we would test $12.23. Overall trend is still bullish. Next support level after $12.23 is just $12.00.
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