I just typed up a big analysis and deleted it, so here we go, round two!
Bulls today were in full control printing a bullish engulfing candle on the daily. Anything under 12.95 is a lower high on the daily, and I anticipate that to be set around $12.75. I would be very impressed if the bulls were able to break $13.00 psychological first thing tomorrow.
The setup here is different than it is on Canopy; Canopy didn't set any hourly support today, but Aurora has a new hourly support to watch at 12.26. The most bullish scenario would be to hold that level then go for a bull-break of 12.95. Losing that support will have us looking down at 12, and 11.69.
If we do lose 12.26 that level I'll be watching the bear volume on the pullback to anticipate the extent of the pullback we will see. If we do ultimately break 11.69 in the coming days, that would put Aurora into a daily downtrend, but I see no warning signs of this happening at this time.
The range to watch is is 11.69 - 12.95.
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, pre-market today 12.30 so far..looks like we will go down
McGuireTO
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@MilaZha, I'd be really surprised if we opened this low, considering it's the strongest daily chart in the sector and it closed HOD yesterday. Closer to 9:30 if price is still at 12.30 I will consider adding on the artificial dip
BHATTMIHIR
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Thanks for your ideas,
Any analysis on HIP.TO Stock.
trader20120
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@McGuireTO Hey buddy, yes i noticed the updates look great. The 400 m bonds by TLRY really affected the MJ companies on Nasdaq and NYSE and that affected canopy which led the TSX MJ's down. I was expecting a test at 12.75-12.94 but i didn't see it. I completely forgot about the 12.64 resistance from last week. I didn't expect a 40 cent drop i was expecting a 20 cent drop and then rebound. Now it's struggling to hold 12.23 so let's see where that takes us.
If we get rejected at 12.94 again i do expect a drop like canopy did from when it failed to close over $70. Then a strong rally up until legalization. Nonetheless i'm comfortable with the pullback, its some what healthy.
McGuireTO
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@androtrade, Ohh, good call on the 12.64 I had forgotten about that. I was expecting a daily lower high and this was within my area. I didn't publish this but I was also expecting a test of about the 12.15 area. Unfortunately the S&P500 today had a pretty significant daily bear break and that bear momentum is going to dampen the prospects of the MJ bulls. I'll write more on this later tonight in updated ideas.