The Cannabis industry has been in a bear market long before the general markets crashed.
When we talk about production capacity, Aurora Cannabis is one of the leaders in the industry. The company is expanding internationally, and it has reached markets in Latin America and Europe. Because of these factors, I would like to analyze its technical part.
I have a cluster of information to say that prices may start going up from here on.
First, price is currently in a weekly demand zone. This demand zone is what we called an imbalance zone. The imbalanace zone took place between August and October of 16'. Buyers were more aggresive than sellers at that moment. Price is testing this zone, so it is very important physicological zone for bulls.
Second, there is a positive divergence between price and its RSI. While price made a new low in March 20', the RSI kept flat. Also, price is currently oversold.
Finally, the MACD indicator is showing that the MACD line crossed over the signal line. If it keeps above, its a great sign to keep bullish.
We will see!
When we talk about production capacity, Aurora Cannabis is one of the leaders in the industry. The company is expanding internationally, and it has reached markets in Latin America and Europe. Because of these factors, I would like to analyze its technical part.
I have a cluster of information to say that prices may start going up from here on.
First, price is currently in a weekly demand zone. This demand zone is what we called an imbalance zone. The imbalanace zone took place between August and October of 16'. Buyers were more aggresive than sellers at that moment. Price is testing this zone, so it is very important physicological zone for bulls.
Second, there is a positive divergence between price and its RSI. While price made a new low in March 20', the RSI kept flat. Also, price is currently oversold.
Finally, the MACD indicator is showing that the MACD line crossed over the signal line. If it keeps above, its a great sign to keep bullish.
We will see!