Indeed, the market shares of Aurora cannabis in recent days blew very strongly from the point of view of volatility, the ATR indicator has jumped up from zero very fast. The stock has grown in value. But to judge this chart from the point of view of the interaction dynamics of price and volume is difficult because the market is too "noisy" and specific. Nevertheless, we will try to do the analysis.
Technically, the stock is in an uptrend which is marked by the orange lines. While the price is above the 50% Fibonacci at above $12 level, we need to consider this action from the perspective of bulls.
Level $12 per share is also very strong because we have a large bulb on the right side of the chart, in the market profile indicator. Also in favor of the bulls, there is the fact that the price is trading within the current orange channel.
Everything speaks in favor of growth. However, I'm confused about some facts in the area of $ 19.
The first fact - a narrow spread on large volume closing near the middle and the subsequent deep pullback from the overbought area is a clear sign of weakness (EVRT).
Number two, I outlined SLKT - it's tiny exceeding the previous maximum, which has a manipulative character.
Number 3 was a widespread down bar on high volume. I would have interpreted it as a Bar of Supply (SB).
Thus the signals form the sequence 123, which often could be found on top of the markets. With confidence, I can say that the area of 18-19 dollars per share acts as a powerful resistance.
As you can see, the signals are controversial. Given the weak opening of today's session, I would have preferred the game on the bearish side, because it is the most recent message from the chart. As long as the price will trade lower than $ 19 per share, the uptrend is under threat.
Technically, the stock is in an uptrend which is marked by the orange lines. While the price is above the 50% Fibonacci at above $12 level, we need to consider this action from the perspective of bulls.
Level $12 per share is also very strong because we have a large bulb on the right side of the chart, in the market profile indicator. Also in favor of the bulls, there is the fact that the price is trading within the current orange channel.
Everything speaks in favor of growth. However, I'm confused about some facts in the area of $ 19.
The first fact - a narrow spread on large volume closing near the middle and the subsequent deep pullback from the overbought area is a clear sign of weakness (EVRT).
Number two, I outlined SLKT - it's tiny exceeding the previous maximum, which has a manipulative character.
Number 3 was a widespread down bar on high volume. I would have interpreted it as a Bar of Supply (SB).
Thus the signals form the sequence 123, which often could be found on top of the markets. With confidence, I can say that the area of 18-19 dollars per share acts as a powerful resistance.
As you can see, the signals are controversial. Given the weak opening of today's session, I would have preferred the game on the bearish side, because it is the most recent message from the chart. As long as the price will trade lower than $ 19 per share, the uptrend is under threat.