An enormous volume shelf is keeping it from dropping below $10, but internals are looking weak. We're below the MA50 hourly, we're below the MA200 daily, which is going to pose significant resistance. We're also below the daily EMA26. The entire price action since August 3rd amount to two motive waves upward and one choppy wave down. They look like a textbook...
Show some of the price targets I'm watching for right now. It looks decent right now. Don't love the 3rd wave start yet. Watching for it to stay above ~10.13 and bearish if goes below ~10
Promising move this morning. Will price targets once we see how this correction looks
NYSE:ACB Aurora Cannabis has a strong chance of a bounce back based on multiple factors: 1. Falling wedge (bullish pattern) 2. Strong support in $9.50 area 3. D1, H4, H1 oscillators in the oversold area. Based on those factors it is a good setup for a long position with: entry at: $9.70 TP: $13.22 (which is a level near 200 EMA) SL: $8.86 Risk/Reward ratio: 1:4.25
ACB staying choppy but still remains a good opportunity once bottom is struck.
ACB hasn't progressed in an ideal fashion but still possible the 9.79 was the bottom.
I think next round cannabis earnings will FOMO the industry again. Especially given ACB's last earnings FOMO. We haven't had one like it since (instant 3x Price increase). ACB earnings in particular have potential to catalyze the whole industry inflection even if earnings aren't that impressive. On the grand scheme of things, we're basically at the bottom but...
- Earnings tomorrow - Rising RSI - SItting on volume shelf - Break of $8.35 has a lot of room to the upside
- Weekly falling wedge - Price held relatively well after CRON report - Printed a doji candle at the bottom of weekly falling wedge - Still sitting on massive volume shelf
Bullish. potentially starting 3rd wave in this impulse. More bullish when takes out ~10.50 and ~10.80
I like the setup right now. Turn more bearish if it breaks below ~10 and invalidates under previous low.
Like look of impulse and correction
- $CRON report could affect this pending breakout - Levels above based on auto fibs - Looking for a breakout above $10.90ish for confirmation - Pattern negated with break below 9.75ish - MACD looking for a potential bullish cross
Not textbook impulse but looks decent. Expecting some correction
-Falling wedge -Volume as been anemic since may 21st - if we see breakout 12.19 is first target then fibs will be price targets for upside/scale out - will enter tomorrow on a break out above $11.10
Waiting to see a 5 wave impulse up to turn more bullish
This is not a play, merely an investment. If you know about RTI, you'd be interested to know that they have started to generate revenue this year. Glued to $14 support, with the industry gathering momentum, I dare to invest here. I'm not expecting any explosive moves, but I believe in upside for this asset. ACB owns a large portion of RTI's shares.