ACB is out in the cold

Uptrend channel broken with a gap down, on Monday. Yesterday we saw that gap filled, with the bottom of the 3 month old trend line now serving as resistance.

We have a bullish engulfing candle on the daily chart. Today we'll need to see confirmation of that, with bulls breaking the $9 price resistance with good volume to look for a daily lower high. If that doesn't happen, we're likely to knock on the trend line door for a few, before turning away in the opposite direction. First stop on the way down is $8.25, then $7.80, then $7.50.

I expect that we will a slow trajectory to those targets as long as the broader cannabis market continues to consolidate, and ACB has not presented us with anything to draw bulls back in.