Where ACB is currently resting is a toss up at whether its going to maintain its past bullish trend and keep up with the rest of the industry or it will slip into a bearish next week, either way I am confident we will see $10 Aurora by the end of April. However what I am concerned with is whether it will fall to the past $8 support level before taking off again.
all mj stocks have turned bearish ... inv c&h is indicating measured move to 6.85
mfariello
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@Blu_Sky, dumped my Acb at $8.58. I see same move to 6.31 to 6.85
Blu_Sky
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@mfariello, I sold around same level yesterday. Will buy lower. GL!
PasstheA1
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@Blu_Sky, Contracts for calls ? or are you buying shares outright? would be a good opportunity if you had shares to dollar cost average.
Blu_Sky
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@couwde I am bad at options. Just play long traded ... no shorts. I think cgc set the trend yesterday. Any news good or bad is a sell off ... earlier NY bill. Expecting hard selling in mj stocks next week after apha reports.
PasstheA1
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@Blu_Sky, I would still like to give another week to get more broad data to work with, my question to you is how can you say it only just now turning bearish... we've seen consistently lower highs and higher lows for the past two months. Also with most sectors reaching all time highs and analysts like Cathie Woods (I know she is controversial to some) predicting an alternative situation to that of what we saw in February of 2020. Where most of all tech stocks were vastly over valued and many bets were leveraged on too few sectors performance. We could see the shift in asset focus towards more fringe and outlying sectors that have been on the sidelines of the recovery process, that being transportation, airlines, and consumer goods such as a MJ market.
Again these are ultimately my opinions given the resources I have but a high six dollar price target just seems too radical for the short term, I could however see a downtrend to high 7 dollar and then if we get positive earnings a massive influx of news and potential investors to the sector as a whole.
Blu_Sky
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@couwde, mj stocks correlation has not been well for some time now. Appears that S&P futures are due for cool off ... might top in 4115-4120 range. When market drops, rarely mj stocks go high ... discounting any short squeeze in progress.
Monday sure could be a turning point when alpha reports ... big up or down. i have played acb for long time and experience suggests that they prop it up (in absence of a good news) before the big drop. Ofcourse, I might be wrong, will see.
@Blu_Sky, I can get behind this, thanks for the comments and discourse. Im going to take a lot more time and due diligence in the future. Young trader here at age of 20 who is both self taught and and avid learner from other peoples criticism to my ideas. Please feel free to drop a follow and more to continue to see my progress in the future. Thanks again.
Best luck to you -Cody
Blu_Sky
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@couwde, I am no expert or financial advisor. Just learnt some TA and club it with instincts ... self learnt as well. Good luck.