Hello Traders!
Today’s chart update will be on ACB – Aurora Cannabis INC, which has been in full control by the bears, currently it is testing a key support level that must hold…
Points to consider,
- Strong downtrend
- Major structural support being tested
- Local resistance at $3.50 region
- Stochastics projected up
- RSI close to testing resistance
- EMA’s giving price resistance
- Visible increase in volume
The trend has been bearish with consecutive lower higher in place, there are no clear signs of this changing as of yet. ACB is currently testing a major support level that must hold as this is the last hope for the bulls from a technical aspect. Local resistance is found at $3.50 mark, this is the first level that bulls need to break when trend change is confirmed.
Stochastics is projected up with lots of stored momentum; however it can stay in lower regions for an extended period of time. The EMA’s have been giving ACB resistance in this downtrend, a cross bullish will help break resistance levels. There has been a visible increase in bull volume; ACB needs to sustain this with follow through to help change the overall trend.
In my opinion, ACB is still in a strong bear trend; price needs to mature at current support level to determine if a trend change is even probable. ACB needs to sustain bull volume to put in a new higher low market structure…
What are your thoughts?
Please leave a like and comment,
And remember,
“The market is a device for transferring money from the impatient to the patient.”- Warren Buffet
***Please follow me on twitter for daily updates on fundamental news in the MJ and Crypto Speace ! :) Twitter handle in profile link
Today’s chart update will be on ACB – Aurora Cannabis INC, which has been in full control by the bears, currently it is testing a key support level that must hold…
Points to consider,
- Strong downtrend
- Major structural support being tested
- Local resistance at $3.50 region
- Stochastics projected up
- RSI close to testing resistance
- EMA’s giving price resistance
- Visible increase in volume
The trend has been bearish with consecutive lower higher in place, there are no clear signs of this changing as of yet. ACB is currently testing a major support level that must hold as this is the last hope for the bulls from a technical aspect. Local resistance is found at $3.50 mark, this is the first level that bulls need to break when trend change is confirmed.
Stochastics is projected up with lots of stored momentum; however it can stay in lower regions for an extended period of time. The EMA’s have been giving ACB resistance in this downtrend, a cross bullish will help break resistance levels. There has been a visible increase in bull volume; ACB needs to sustain this with follow through to help change the overall trend.
In my opinion, ACB is still in a strong bear trend; price needs to mature at current support level to determine if a trend change is even probable. ACB needs to sustain bull volume to put in a new higher low market structure…
What are your thoughts?
Please leave a like and comment,
And remember,
“The market is a device for transferring money from the impatient to the patient.”- Warren Buffet
***Please follow me on twitter for daily updates on fundamental news in the MJ and Crypto Speace ! :) Twitter handle in profile link
