ACB double tops at all time high, needs follow-thru tomorrow
ACB saw a gap-up and run open this morning on big bull volume, continuing the daily breakout from Friday and finishing the day up 10%. ACB hit a new all time high today by two pennies but that's effectively a doubletop at 15.22 so the bulls are going to need more follow through tomorrow. That shouldn't be an issue, with a close up near the high of the day.We're riding well above the daily Upper Bollinger Band as support.
We see daily RSI has broke out of its channel and is approaching recent highs, and the MACD has started to curl up. We're looking for a higher MACD spike tomorrow.
When stocks are at all time highs there is a lack of resistance, so we look for psychological round numbers. $15.50, 16, 16.50 etc. $20, should we get there, will especially be tricky.
Our key support is 14.63 on the hourly. We also have a little support at 14.79, and 15 psychological.
Keep walking your stop losses up. We're in a euphoric bull run and we want to protect our profits from any sudden sell-off.
Also keep in mind the correlation to the overall market. SPY has its second daily inside bar to watch the range of tomorrow, and while a bearish end of day didn't affect the mj sector today, we have seen countless times where it has.
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.
We see daily RSI has broke out of its channel and is approaching recent highs, and the MACD has started to curl up. We're looking for a higher MACD spike tomorrow.
When stocks are at all time highs there is a lack of resistance, so we look for psychological round numbers. $15.50, 16, 16.50 etc. $20, should we get there, will especially be tricky.
Our key support is 14.63 on the hourly. We also have a little support at 14.79, and 15 psychological.
Keep walking your stop losses up. We're in a euphoric bull run and we want to protect our profits from any sudden sell-off.
Also keep in mind the correlation to the overall market. SPY has its second daily inside bar to watch the range of tomorrow, and while a bearish end of day didn't affect the mj sector today, we have seen countless times where it has.
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.