A lot of traders right now are locking down their shorts on ACB. There is more money in shorting this stock at the moment this year than going long but, There is huge support at .38 Fib so the shorts wont be here for long. Aurora's Fiscal year coming out on Monday and I am expecting to see some REC sales to the provinces. There REC sales contributed 1.3m just in dried flower sales in the first week. I am guessing the oil sales were probably up there as well. I Have a theory for Day Trading if your long or short never play earnings. weekly RSI is favoring the Bears so I have set a Buy at 7.51 stop loss of 7.00. I am expecting to hold the .38 going into the santa claus rally. There is always the fact that earnings beat expectations and Friday was a complete Bear Trap and that's what I want to see. Ill buy into the short squeeze with the bulls and we could see a big rally. Long story short this is a short term bear rally there aren't getting too far ACB is a world dominating company. YES there is a lot of bears and YES there is a lot of outstanding shares but there is a lot of value there if you do your research and see the companies they own or have partnered with they will be the lowest cost producer and the biggest Cannabis company worldwide by 2020 by market cap and footprint.
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The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.