ACB saw a gap up and profit taking, forming a daily lower high right within the range I was anticipating. The daily chart is going to break Friday, and if not Friday, then Monday by way of the American ticker ACBFF, making the break Tuesday when the Canadian market reopens after Thanksgiving. The daily printed a bearish dark cloud cover candle.
The key daily range is 12.65 - 11.69. Beak bull, and bulls continue to test $13 and $13.50 resistances. Break bear, and we look down to test supports at 11.21 and 10.87
Zooming into the 4hr shows us that our daily equilibrium is now so tight, it's playing out on the 4hr chart. I find this gives the best clarity on what's going on. Bulls are trying to hold 11.98 as the new support but have not yet bounced enough to give us confidence that higher low is in.
Be aware there is market correlation between the mj sector with the S&P500, and keep in mind that SPY lost the daily uptrend today. It's often said that high tides raise all boats; likewise, low tides can beach all ships.
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.
@McGuireTO It got rejected a lot of times at 12.23 and struggled to hold above 12.16 for today's new support/resistance and now struggling at 12.08, though overall on the 1 hr time frame its somewhat doing well at that level. I don't think the breakout will happen today. It's going to have to wait until Tuesday from what i see. invst.ly/8sq9f
This whole week the Pressure overall has been pointing downwards IMO. I know we had a big bull run on Wednesday but it didnt break the downtrend
McGuireTO
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@androtrade, I don't see 12.08, 12.16, or 12.23 as significant levels for my style of analysis, but they could be important to someone using a different technique
trader20120
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@McGuireTO, That late news on friday pushed everything up. 12.08, 12.16 and 12.23 are not big levels but they are small levels for day traders. I swing trade but i'll always draw up the small lines for others.
This whole week the Pressure overall has been pointing downwards IMO. I know we had a big bull run on Wednesday but it didnt break the downtrend