This might be a long analysis but let me explain why this stock will go higher than Seth Rogan on 4/20.
The stock market and the cryptocurrency markets continue to trend up and we are starting to see companies in all sectors start to break out. This stock is an amazing opportunity because it recently dropped 17% to 1.65 based on FUD. Do not let FUD news influence your judgement, let the TA influence your judgement. Aurora is fundamentally stable and the growth of cannabis is inevitable due to Millennials and Generation Z. This company is on a secular uptrend but it has recently followed the rest of the cannabis stocks such as CGC on the way down. But it's gone down far more than I believe is reasonable. Do not fool yourself to think that it's the company doing really bad, it's not doing bad enough for this to disregard supply and demand, its the sector going down. It's not sustainable for this sector to continue a downtrend in the middle of a bull market. A lot of sectors have already curved out of the pullback phase and began their uptrend. With that being said, the possibility of a swift bounce to $4 in the short term is very likely. Another aspect we need to look at is the triple top at $10. I believe if the stock curves up to 4$, then the momentum should push price beck up to the triple top, which will certainly be broken(similar to the tesla trend). This stock should swing to $15-20.
Let's get into some indicators:
30 week moving average: normally I look for the stock to be crossing the MA for me to be sure about a reversal but the stock fell so sharply that it skewed the 30 and 50 week MA's. They do NOT hold relevance at this moment in time. It will very soon when the stock is trading at around 4$ and then we should start seeing a cross on the 30 week MA, instead of this MA that looks scary.
RSI: the RSI is bottomed out, I use 30 with a 30 MA on mine because I dont like using the 14 RSI, I think it caps you out too soon. According to the RSI we have a massive amount of room for momentum. You can call me cynical but I've been doing this for a while and I know this stock has enough momentum for a swing to $15-20.
MACD: we had a bullish cross on the MACD on the week of January 13th.
Volume: we can see the bottom being caught by large volume. The bulls are here, we're buying the support level. If you zoom in to the daily time frame you will also spot an inverse head and shoulders pattern that's still holding even after the recent 17% drop.
Horizontal Support: we're holding a massive support level from 1.30-2.00 that's relevant from OCT of 2016 to OCT of 2017.
So to wrap things up, we have several bullish indicators and we know there was a massive influx of volume on the triple top level around $7-10 and a massive support level at $1.30-2.00 from 2016. We're in a bull market and the company is not doing bad. Aurora will shoot up.
The stock market and the cryptocurrency markets continue to trend up and we are starting to see companies in all sectors start to break out. This stock is an amazing opportunity because it recently dropped 17% to 1.65 based on FUD. Do not let FUD news influence your judgement, let the TA influence your judgement. Aurora is fundamentally stable and the growth of cannabis is inevitable due to Millennials and Generation Z. This company is on a secular uptrend but it has recently followed the rest of the cannabis stocks such as CGC on the way down. But it's gone down far more than I believe is reasonable. Do not fool yourself to think that it's the company doing really bad, it's not doing bad enough for this to disregard supply and demand, its the sector going down. It's not sustainable for this sector to continue a downtrend in the middle of a bull market. A lot of sectors have already curved out of the pullback phase and began their uptrend. With that being said, the possibility of a swift bounce to $4 in the short term is very likely. Another aspect we need to look at is the triple top at $10. I believe if the stock curves up to 4$, then the momentum should push price beck up to the triple top, which will certainly be broken(similar to the tesla trend). This stock should swing to $15-20.
Let's get into some indicators:
30 week moving average: normally I look for the stock to be crossing the MA for me to be sure about a reversal but the stock fell so sharply that it skewed the 30 and 50 week MA's. They do NOT hold relevance at this moment in time. It will very soon when the stock is trading at around 4$ and then we should start seeing a cross on the 30 week MA, instead of this MA that looks scary.
RSI: the RSI is bottomed out, I use 30 with a 30 MA on mine because I dont like using the 14 RSI, I think it caps you out too soon. According to the RSI we have a massive amount of room for momentum. You can call me cynical but I've been doing this for a while and I know this stock has enough momentum for a swing to $15-20.
MACD: we had a bullish cross on the MACD on the week of January 13th.
Volume: we can see the bottom being caught by large volume. The bulls are here, we're buying the support level. If you zoom in to the daily time frame you will also spot an inverse head and shoulders pattern that's still holding even after the recent 17% drop.
Horizontal Support: we're holding a massive support level from 1.30-2.00 that's relevant from OCT of 2016 to OCT of 2017.
So to wrap things up, we have several bullish indicators and we know there was a massive influx of volume on the triple top level around $7-10 and a massive support level at $1.30-2.00 from 2016. We're in a bull market and the company is not doing bad. Aurora will shoot up.
Comment:
Looks like the sector is showing signs of the reversal. Volume is starting to pick back up after earnings. Altcoins started snapping off last night. The time has come for this sector to bounce. Our move is still in play and I still believe this idea will unfold.
Comment:
Good lord loook at the massive bull flag its developed with super low volume. This stock is about to rocket! Do not miss out of ACB!
