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Close above yesterday’s close is required to confirm the potential change in trend. Close above 7.00 to maintain the integrity of the support area.
Cannabis looking like Bitcoin. Sector gapping down.
Gap down could fill the open gaps at 6.50 and 5.00. What a penny stock this up listing has turned out to be.
Yup. Diluting like a penny stock on Press Releases and going public. Blaming the broader market when that is total BS. Been in this game for 14 years - dilution is obvious and their excuses are scripted and ignorant to those who’ve been holding and hoping.
It’s a script, as stated earlier. Their using the excuse of the market to slide under the radar of all the dilution. They’re acting like a penny stock pushing PRs and diluting by selling the news. Follow the money, not the companies games.
Exactly w/ support. Been a while; hope all is good.
Needs confirmation. Support validated for now at 7.00, but bears still in control. Above 7.73 - 7.95 would be very bullish tomorrow. Strong resistance remains at 8.50.
Needs to find it’s footing (base) and defend some strong support. Looking like the 7.00 area may finally have it. With today’s bounce off that key area from 2 days ago. That’s the line in the sand to avoid gap filling 6.50 and 5.00. Every time-frame will have moving targets of S&R, etc. just really depends on your time horizon and forecast. Of course, if the situation changes you must be able to change with it, or watch profits drain with cries of HOPE.
2 hour chart is looks appealing with the last 2 hours of action. Making higher highs and higher lows, after that bounce off 7.00 today.
Good deal, buddy! Live to trade. That’s how you survive in this business
Always protect capital....
And if the stock turns in a way I don’t like, I’m comfortable selling it and buying back later. Never marry a stock!
If I decide to invest heavy $100k or more on a stock falling I wait for stabilizing confirmations and avoid correction stocks. I’ll happily pay more when confirmation is completed. Throwing money at a falling knife makes no sense.
Can’t look at the overall market. $ACB’s weight isn’t significant enough to be impacted by the NYSE and other stocks associated within the market. Those stocks with the highest weight % carry the sectors and overall markets and are usually impacted the money on the way down - example is Amazon, Apple, Google. You can see how those stocks impact the Dow Jones and their individual sectors.
Acting like a penny stock with dilution. These keeps up and the gaps at 6.50 and 5.00 will be filled in no time.
More downside it 7.20 doesn’t hold the close.
Correct especially in correction territory. Why throw money to see if drop. Money must always be working with positive momentum.
Wouldn’t allow this psychological response impact your trading plan. The excuse about the broader markets is a “cop out”. Markets are rocking today - so that excuse is debunked. The response is a default line since anything else would be insider information and is illegal.
Follow your trading plan and know when to cut a loser short - can always buy back in later instead of riding (or trying to catch) the falling knife.
More stair stepping down. So many dead cat bounces. Dilution at it’s finest folks, regardless of the great PR. #facts
Right on zhills. The bottom of that gap intraday is going to be strong resistance as testing failed twice. 7.60 is killing $ACB intraday -continues to pokes it’s head out and loses momentum. Supply is greater than demand. Money Flow is very weak. People selling on the bid instead of the ask - always kills a stocks momentum.
Still looking for that 7.73...
Must close above 7.20; above 7.44 to get out of correction territory.
C’mon 7.73, then we can test 8.50 resistance.
Almost there... $ACB
$ACB about to flip
$ACB down; group is up.
Break & Hold 7.73 sets up the resistance re-test at ~ 8.50.
Climax is in - now need to get above 7.73 and hold (close above).
Looking for a climax gap down bounce. We’ll see if it plays out.
Good. And a reversal could be insight.
$ACB doesn’t carry enough weight to be impacted like others. A gap up on weakness is a signal for sell out and gap fill to the downside.
Good. We do not want a gap up.
$ACB: The Canada-based company said it believes this was the first time a non-government business was granted approval gto supply medical cannabis products in Poland. "Becoming the first company to supply cannabis to Poland is validation of Aurora's ability to do business in international markets with high barriers to entry.
News. Aurora Cannabis receives 1st medical cannabis import permit from Poland.
Sweet. That’s how you play the open gaps - easy money buddy! The name of the game is profits and protecting capital.
Cannabis sector down 7 days; extremely oversold. Sector should snap like a rubber band.
Don’t get too excited. We don’t want a gap open; don’t chase any gap opens since they’ve all been weak. Let’s get a clean open (off yesterday’s close) or a small gap down and reversal upwards.
Meant to say Oversold.
My bad....
Yes, my mistake. Sent from phone I’ll try to edit if possible. Thanks.
Correction territory now. Close below 7.19 sets up the potential gap fill at 6.50 with support at 6.20. If that were to break we could see the 5.00 gap fill. Cannabis down 7 straight days and EXTREMELY overbought.
I do not want to see anymore gap up mornings. Rather have a gap down climax spike and bounce. Tons of resistance above us, need to get back above 9.70 area with a close.
At a minimum we need to close above 7.46 to get out of correction; and definitely above 8.25 to potentially change the momentum.
May get a climax spike shortly.