ACB trying to hand on waiting for Canopy's break
Güncellendi
Aurora has a much weaker setup, and looks clearest to me on the hourly chart. Unlike Canopy, Aurora has broken down to lower lows although bulls are still buying the dip so far. Friday closed with weakness heading back down towards the end of the day. We remain in a clear hourly downtrend with lower highs of resistance on each little bounce.
The bear breaks on the hourly chart have so far been met with little followthrough as Canopy remains in its equilibrium. This correlation favours the Aurora bears; if Canopy breaks bearish, Aurora is well positioned for greater downside because of how much weaker the chart currently is.
ACB is also down close to the golden pocket retrace from the low of its August consolidation to new all time high, but has broken below the .65 unlike other names with stronger setups
Key levels for Monday
Support: 9.00
Resistance: 9.88
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For anybody looking at any individual stock it is imperative to keep an eye on the overall market. The correlation of every individual name and sector to the market is very real and the market is showing significant weakness over the past three weeks.
The bear breaks on the hourly chart have so far been met with little followthrough as Canopy remains in its equilibrium. This correlation favours the Aurora bears; if Canopy breaks bearish, Aurora is well positioned for greater downside because of how much weaker the chart currently is.
ACB is also down close to the golden pocket retrace from the low of its August consolidation to new all time high, but has broken below the .65 unlike other names with stronger setups
Key levels for Monday
Support: 9.00
Resistance: 9.88
_____
For anybody looking at any individual stock it is imperative to keep an eye on the overall market. The correlation of every individual name and sector to the market is very real and the market is showing significant weakness over the past three weeks.
Not
ACB broke to lower lows with significant followthrough, filling the gap on the daily from the day of the Coke rumour. We're in an area here with a lack of support. Next supports are 7.65 and 6.67Not
If we see SPY break down to lower lows, this correlation will favour the Canadian MJ bears
Feragatname
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