I think it is clear by now, that ACB is not spiking upward through an impulse wave. But similarities with last fall are striking in many ways. We can definitely tell that ACB's current moves are not impulsive at all. I would almost feel certain that its current path is sustainable, rather than impulsive.
The 50 and 200 EMA crossed over, the RSI is properly cool. We're all waiting anxiously for some great news, and we're more or less guaranteed such new in the short term. Whereas ACB's investments have dragged down its results due to the nosedive that markets took before Christmas last year, it is these same investments that are up, significantly, pending the next earnings call. That said, we still have one month to go before the quarter is closed, and much can happen in a single month.
Regardless, we see strong bull support, defending any bearish attempts. We may see a few more dips to old supports, but overall, this stock looks like Yellowstone, right before a cataclysmic eruption.
I'm have been buying the dip as much as I can muster. What are your plans?
The 50 and 200 EMA crossed over, the RSI is properly cool. We're all waiting anxiously for some great news, and we're more or less guaranteed such new in the short term. Whereas ACB's investments have dragged down its results due to the nosedive that markets took before Christmas last year, it is these same investments that are up, significantly, pending the next earnings call. That said, we still have one month to go before the quarter is closed, and much can happen in a single month.
Regardless, we see strong bull support, defending any bearish attempts. We may see a few more dips to old supports, but overall, this stock looks like Yellowstone, right before a cataclysmic eruption.
I'm have been buying the dip as much as I can muster. What are your plans?
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With "sustainable", I mean that I'm not expecting such a deep drop like we saw last time. We'll definitely see profit taking and retrace, but on the other hand, if you look at what happened to CRON when investors felt they were missing out, who's to say that we won't see ACB at $20+ at the first trigger. We'll have to assess it once it starts moving again...
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Here is the bull flag I spotted on the hourly chart:
www.tradingview...chart-on-watch/?utm_source...
www.tradingview...chart-on-watch/?utm_source...
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If we will indeed be looking for a higher high, I would be expecting to see CAD$12 / US$9.20, mostly because the last high was at CAD$11 / US$8.34.
For this pattern to complete, bulls will have to hold supports at CAD$ 9.90 / US$ 7.50 and CAD$ 9.50 / US$ 7.20. Daily chart on watch, hoping for new momentum to trigger the next leg up...
For this pattern to complete, bulls will have to hold supports at CAD$ 9.90 / US$ 7.50 and CAD$ 9.50 / US$ 7.20. Daily chart on watch, hoping for new momentum to trigger the next leg up...
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