Picture perfect
AC8 breaks out of the triangle and looks posed to double in value from here
Last weeks news regarding pharmacies allowed to sell over the counter CBD oil is positive news for the medicinal Cannibis sector
Today with the break out we formed Bullish indicators on the Stochastic RSI, MACD and both EMA, MA on this daily timeframe.
AC8's correction has finished
At this level we will see alot of accumulation then price discovery.......Due to it being 0.2c the accumulation phase might take awhile, or the capitulation from 0.3c was filling larger orders
I posted in end of 2018 from a old account HMC810, i had a correction target from 1.8 to 0.2c, and we hit 0.15c
Now is accumulation time Get...
Looks like Creating another higher low here
RSI turning around
Stochastic RSI on the low side
Has to break resistance at $0.46 for it to have any chance of ATH
Bought last year, way too high, down 60% in my position
Realize I suck at holding 3-5 years long term
Realize I don't like to bet on biotech/pharma companies who are constantly in development stage with no sales
I find these companies sketchy with changes in management, awaiting FDA approvals, cash burn, lack of transparency on development of new drugs/trials,...
We have had 5 waves up and are now moving into the ABC corrective phase
We are in the current subwave 3 of the 5wave's down of A
We bounced on the 2-2 extension and will head to the 2.272 Fib to end the 5th subwave to create A > after that we will ABC up to create B, Then down again to form C
In Canada, pot has recently been legalised however amongst the stocks, this date aligned with a 'sell the news' event. I expect this selling to come into Ac8.
Share prices recently had a price gap to the upside but seem to be having difficulty breaking out of the price channel and holding above 1.730. Prices. After being rejected a couple times at the top of the price channel, share prices retreated and closed the last trading session in between 1.730 resistance and 1.630 support.
Share prices could go either way at...
The 38,2 Fibo stopped the drawdown. From this Level a ountermove started - but that move was not sustaiable. We are again trading near the last low @ 0,55AUD.
Trading below that Level could initiate an ugly downwave, TP could be the EMA 90.
The chart brightens with Prices > 0,7 - there a procyclical trade could be opened.
Also thinkable is an anticyclical...
