Hello Traders!
Welcome to today’s chart update which will be from the Canadian MJ sector – ACB – Aurora Cannabis Inc. This pot stock is testing a critical area; price may put in a new local higher low and or break the trend and negate the whole market structure…
Points to consider
- Potential Triple Top
- Price testing critical support zone
- Local support at $2.60 region
- Stochastics projected upwards
- RSI testing support
- EMA’s giving price resistance
- Volume increasing
- VPVR showing low volume of transactions
ACB is testing a very critical support zone at current given time which must hold to maintain the overall market structure. This zone has in confluence the .618 Fibonacci level, a bounce is probable however we need noticeable strong bull volume to push price back up.
The stochastics is projected upwards from very low regions which signify that the bulls have a lot of stored momentum if a bounce was to come to fruition. The RSI is testing support, historically, a test of support leads to a bounce back to neutral area from oversold territories.
The EMA’s are giving price resistance, we need to see it cross bullish otherwise a break of the critical zone will be more probable.
The volume is picking up, as mentioned before, we need to see it sustain bull volume if a bounce was to come to fruition from current level.
VPVR is quite interesting and favours the bears as there is very low volume of transactions between the two segments of the critical support zone and the local support zone. This tells us that the bears will be more probable to reach its technical targets due to the low level of resistance from the VPVR.
Overall, IMO a break from this trend line will further confirm the triple top analysis as the market structure will be negated, failure of putting in a new higher low. This is quite bearish; ACB will be more probable of testing lower levels…
What are your thoughts?
Please leave a like and comment
And remember,
“Sheer will and determination is no substitute for something that actually works.” – Jason Klatt
Welcome to today’s chart update which will be from the Canadian MJ sector – ACB – Aurora Cannabis Inc. This pot stock is testing a critical area; price may put in a new local higher low and or break the trend and negate the whole market structure…
Points to consider
- Potential Triple Top
- Price testing critical support zone
- Local support at $2.60 region
- Stochastics projected upwards
- RSI testing support
- EMA’s giving price resistance
- Volume increasing
- VPVR showing low volume of transactions
ACB is testing a very critical support zone at current given time which must hold to maintain the overall market structure. This zone has in confluence the .618 Fibonacci level, a bounce is probable however we need noticeable strong bull volume to push price back up.
The stochastics is projected upwards from very low regions which signify that the bulls have a lot of stored momentum if a bounce was to come to fruition. The RSI is testing support, historically, a test of support leads to a bounce back to neutral area from oversold territories.
The EMA’s are giving price resistance, we need to see it cross bullish otherwise a break of the critical zone will be more probable.
The volume is picking up, as mentioned before, we need to see it sustain bull volume if a bounce was to come to fruition from current level.
VPVR is quite interesting and favours the bears as there is very low volume of transactions between the two segments of the critical support zone and the local support zone. This tells us that the bears will be more probable to reach its technical targets due to the low level of resistance from the VPVR.
Overall, IMO a break from this trend line will further confirm the triple top analysis as the market structure will be negated, failure of putting in a new higher low. This is quite bearish; ACB will be more probable of testing lower levels…
What are your thoughts?
Please leave a like and comment
And remember,
“Sheer will and determination is no substitute for something that actually works.” – Jason Klatt
