ACB Head & Shoulders about to complete
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I'm not an expert, but I would say that today is the last time ACB can bounce the US77/CAD$9.35 support. If it does today, we'll have a complete head and shoulders pattern, which is a bearish signal.
We have key supports S1 at US66.70/CAD$8.90 and S2 at US55.84/CAD$7.80.
I just read an article about Senator Booker's support for US legalisation, and European bankers are increasingly interested in cannabis companies. Cannabis is legal is several key countries in the EU already. This is not much to go on, but perhaps enough for bulls to defend current supports.
ACB will be on watch today, I'm keen to see if supports will continue to hold, potentially moving the tightening equilibrium to the upper red bar, continuing this thriller for another few days. Alternatively, we may see a drop to S1 support, which I would see as a fantastic buying opportunity. I am considering placing a limit buy order there, just in case it touches. I am expecting a lot of bulls to get in at S1.
I'm looking for comments to aid me in my thinking. This is by no means financial advice.
We have key supports S1 at US66.70/CAD$8.90 and S2 at US55.84/CAD$7.80.
I just read an article about Senator Booker's support for US legalisation, and European bankers are increasingly interested in cannabis companies. Cannabis is legal is several key countries in the EU already. This is not much to go on, but perhaps enough for bulls to defend current supports.
ACB will be on watch today, I'm keen to see if supports will continue to hold, potentially moving the tightening equilibrium to the upper red bar, continuing this thriller for another few days. Alternatively, we may see a drop to S1 support, which I would see as a fantastic buying opportunity. I am considering placing a limit buy order there, just in case it touches. I am expecting a lot of bulls to get in at S1.
I'm looking for comments to aid me in my thinking. This is by no means financial advice.
Nota
I failed to complete my first sentence:"today is the last time ACB can bounce the US77/CAD$9.35 support". Should add that if it does, the head and shoulders pattern will be complete.
Nota
Well, well, well... Just when I was about to start wondering if perhaps I'd be buying a dip today, Cowen saves the day with a predicted 94% upside for ACB. Up 3.7% pre market.Lets see where she settles. These price target estimates can act like self fulfilling prophecies, like we have seen with CGC and others (Piper Effect)...
🅱🄰🆁🅺🆆🄾🆁🆃🅷
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