Yesterday I pointed out that ACB needed to regain the hourly uptrend as a sign for a continued bull move. Anybody who acted on that signal had a very profitable day today! The key was 12.98 and if you bought that you would be up 6% already! ACB has been the most bullish chart for a couple weeks, and today saw that play out with a key break.
The key daily break today was the break of 13.60, which we saw on increasing bull volume today. I am concerned about two things, however. First, the MACD on this move up is very weak. Second, last time we broke resistance in the mid 13-range we saw no follow-through. Bulls will have to show us conviction of this break Monday on big bull volume in order to negate a potential ascending wedge pattern, as well as to give some confidence to this struggling MACD.
Our new must hold support to keep the bulls in charge is 13.24, and anything above this would be a higher low.
After today we only have three resistances left: 13.75, 14.10, and our all time high 15.20. As of close, we're only 11% away from that all time high.
CGC and APH also have very nice daily setups heading into next week; let's see if this ACB breakout will foreshadow what those names will do on Monday.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
The key daily break today was the break of 13.60, which we saw on increasing bull volume today. I am concerned about two things, however. First, the MACD on this move up is very weak. Second, last time we broke resistance in the mid 13-range we saw no follow-through. Bulls will have to show us conviction of this break Monday on big bull volume in order to negate a potential ascending wedge pattern, as well as to give some confidence to this struggling MACD.
Our new must hold support to keep the bulls in charge is 13.24, and anything above this would be a higher low.
After today we only have three resistances left: 13.75, 14.10, and our all time high 15.20. As of close, we're only 11% away from that all time high.
CGC and APH also have very nice daily setups heading into next week; let's see if this ACB breakout will foreshadow what those names will do on Monday.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.