Aurora Cannabis Inc (ACB)

[bsdvs23]

One day doesn’t change the narrative here, but was nice to finally have a Green Day. Day Traders were able to take advantage (along with some who may average down, yet again). Nothing wrong with averaging down to a more reasonable price point - just keep in mind that always puts more money at risks. Then again, The average price may help you sleep better at night

The stock is currently ~46% off it's 52-week high, based on today's closing price of $6.64. (Disregarding any after/pre market movement).

I had mentioned in a post that the 6.66 click here area would likely be a resistance area - that’s why I wasn’t so eagerly bullish. YES, we have a Green Day that finishes slightly off it’s high; however, I haven’t seen enough strength to change my outlook. Still need to see some additional conviction today with a higher high confirmation above resistance areas to make this a little more appealing, at least to me - if I’m committed to throw a very large amount of money at this. Otherwise, I’d be gambling at this juncture. Of course, anything is possible. Cannabis is highly volatile and can skip a beat on any type of news. This is great and disappointing at the same time. Just always protect yourselves with stops and take profits along the way. Sell into strength- even if it’s just a small % of your profits. I’ve never gone broke taking profits. And you never know when that unpredictable gap (in either direction) could happen. When it goes against you - it's the worst gut feeling in the world. I'm sure you get where I'm going with that one. We've all been there - that's why you must have stops in place and be mindful of taking profits along the way.

The stock still remains a bit concerning for me under the $7.32 level with resistance levels of 8.37, 8.13, 7.32 and most current 7.06.

Do not rule out another retest into the 6.00 area where that needs to hold to prevent a 5.40 area test. That would then put a potential gap fill on the radar at 4.99 - 4.90 click here. And always be mindful of these press releases and articles. They have "Forward Looking Statements". Go to the bottom of a press release and you'll see how ambiguous the wording is. Many get too caught up in the fluff above the statements (*Light Bulb*). This Forward Looking Statement protects the company and the press release entity because their assumed outlook, prediction, and in all honesty "truth" cannot be substantiated. By all means, ride that wave of profits on the pumps, but be sure to take profits along the way and don't get caught up in the mental and emotional aspects of the content. There is a reason companies pump so many press releases and it's not because they're being transparent. There is ALWAYS an agenda

I’ll be watching closely today, along with the more broader markets (Asia, UK, Futures, oil, interest rates, bonds, Tech, etc.) Speaking of broader markets - I’m still a little concerned about the strength and thinking we may test the lower levels of support again, as it just cannot get out of correction. I’ll be analyzing them this morning after this post and getting everyone out the door (for work and school).

None of this is to scare anyone... I'm just trying to show a different perspective. ALWAYS take profits. The market is unforgiving. ALWAYS implement stop-losses whether they are mental notes or set in your trading software, right after you enter a trade. And ALWAYS have a clearly defined trading plan written down with specific actions to take when certain criteria presents itself. I really hope all this was helpful in one-way or another.

Sent from my phone, please excuse any grammatical and spelling errors.