Hello Traders,
welcome to this free and educational analysis.
I am going to explain where I think this asset is going to go over the next few days and weeks and where I would look for trading opportunities.
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Big move as the bulls bought the gap down on the back of earnings reaction. Looking for a higher low on the daily now that we've lost the hourly uptrend
Watching ACB hourly chart for a trend change to tell us the daily higher low is in, and given the % pullback we are likely looking for a lower high below our recent high of 11.26 on any bounce attempt.
Today played out as anticipated today with a quick push up and profit taking. The rest of the day saw sideways trading and an attempt of basing in search of a new support. Key hourly levels on watch are highlighted within.
Keep in mind the past 10 weeks have been an incredibly bullish market environment, which is perfect for MJ bull runs to thrive in. We've...
ACB bulls running hard with 13 hours candles in a row with a higher low - going to need to see a new hourly support established so this daily move can see possible continuation
There is not much opportunity within this daily range except a bottomfish of key daily supports. Lose those supports and we're looking for a weekly support above our last one in the $6 range
ACB key support to play off of is 8.97, otherwise I will wait for this range to break. 9.55 is likely our new lower high but we have to break the low of today in order for us to be sure.
Watching 9.28 as a support level bulls are attempting to defend with multiple touches and bounces from this area. The daily chart is weaker than others in the sector
Clear lower highs on the daily chart the past 5 days, this must break in order to give us the first sign our daily higher low (above 8.83) has been set. CGC earnings tonight will have an impact on the entire sector
ACB daily consolidation is very healthy, looking for an hourly higher low. Bulls must hold the low of today first thing tomorrow and then make an attempt to break resistance and change the hourly trend in their favour. We are anticipating a lower open tomorrow after seeing weakness in the after hours trading.
Hourly equilibrium on watch, looking for a lower high below the high of today. Weak bounce here favours a bear break and ultimately daily consolidation
