ALERT: ACB breaking out bullish from bounce!On this stock, stay long on bullrun and go sidelines on bear raids. It's a heavily traded stock with great price swings. The technical bounce predicted on April 9th for the 10th occurred and was then supported by bullish news from the Whitehouse supporting States like Colorado and Washington with recreational marijuana on April 13th. Bears should look at past chart action to understand this is not a good time to be short on this high volatility stock. To fuel the bull run on Aurora, the recent acquisition of CanniMed provides it with a lot of bragging rights including 72,000 litres of cannabis oil for both medical and recreational use as well as revenues in the $1.5B per year or more. The acquisition appears to have come in much lower than the January 2018 news releases. To add to bragging rights, Aurora has secured sponsorship rights to the famous Canadian 420 Celebration held each year in large and small cities around the country. It's held April 20th of each year. This year's celebration will be a day long affair Canada-wide. If you want evidence these stock run up on hype, watch what happens this week and into next week. Perfect trading opportunity.
On the just charts level, we have lots of runway to go and test the next serious resistance of $9.84. Given all the pending news and exposure with this sector and particular stock, don't be surprised we blow right through all the resistance into the $10s.
All traders need to remember this is a highly speculative and volatile sector. Charts provides the trends but cannot predict stock prices.
Please perform your own analysis and feel free to comment on mine. I'm a student of the markets and my quest is to learn each and every single day. Don't fall in love with your position, don't overtrade and take as many valid inputs for your trades as you can.
