Hello Traders!
Today’s chart update will be from the Canadian MJ sector – ACB which has recently had a bull reaction from local lows.
Will ACB have enough momentum to break key levels?
Points to consider,
- Trend Bearish – consecutive lower highs
- Local resistance to break (.382 Fibonacci level)
- Stochastics in lower regions
- RSI coming close to apex
- EMA’s holding as resistance
- Volume has increased
ACB’s overall trend has been bearish with consecutive lower highs in place; a market structure with higher lows is required to shift momentum for a bullish bias.
Local resistance for ACB is key to break; this will confirm the trend change as it will put in a new higher low, the bullish divergence suggests that the temporary low has been priced in.
The stochastics is in lower regions, can stay here for an extended period of time, however lots of stored momentum to the upside. The RSI is coming close to its apex; a break is imminent in either direction.
EMA’s are holding price as resistance, ACB could potentially be putting in another lower high, continuing the bear trend. Volume has however increased; ACB must sustain volume for follow through otherwise bears have an upper hand.
Overall, in my opinion, ACB needs to break EMA’s and key local resistance to confirm a trend change. For this to come to fruition, ACB needs sustained bull volume follow through.
What are your thoughts?
Please leave a like and comment
And remember,
It does not matter how slowly you go as long as you do not stop.”Confucius
Today’s chart update will be from the Canadian MJ sector – ACB which has recently had a bull reaction from local lows.
Will ACB have enough momentum to break key levels?
Points to consider,
- Trend Bearish – consecutive lower highs
- Local resistance to break (.382 Fibonacci level)
- Stochastics in lower regions
- RSI coming close to apex
- EMA’s holding as resistance
- Volume has increased
ACB’s overall trend has been bearish with consecutive lower highs in place; a market structure with higher lows is required to shift momentum for a bullish bias.
Local resistance for ACB is key to break; this will confirm the trend change as it will put in a new higher low, the bullish divergence suggests that the temporary low has been priced in.
The stochastics is in lower regions, can stay here for an extended period of time, however lots of stored momentum to the upside. The RSI is coming close to its apex; a break is imminent in either direction.
EMA’s are holding price as resistance, ACB could potentially be putting in another lower high, continuing the bear trend. Volume has however increased; ACB must sustain volume for follow through otherwise bears have an upper hand.
Overall, in my opinion, ACB needs to break EMA’s and key local resistance to confirm a trend change. For this to come to fruition, ACB needs sustained bull volume follow through.
What are your thoughts?
Please leave a like and comment
And remember,
It does not matter how slowly you go as long as you do not stop.”Confucius
