Following the swing trade target being hit on Monday for a quick 47% profit, ACBFF (Aurora Cannabis Inc) reversed & has now pulled back to just above the 0.59 support level, thereby offering an objective add-on or new long entry for the Long-term Trade with a suggested stop below 0.55. Price targets on the Long-term Trade are still TBD but will be well above the 1.00 level. Most likely, if the stock starts to trade above the 1.00 level, ACBFF will be kept as an Active Long-term Trade while periodically raising stops to protect profits & allowing for additional gains until any clearly bearish technical or fundamental developments begin to materialize.
ACBFF daily Aug 31
This pullback to support also provides an objective long entry for a new swing trade in ACBFF with the same stop as the Long-term Trade (any move below 0.55) and an ideal entry zone between 0.56 – 0.65 with a sole price target of 0.94.
To clarify, Aurora Cannabis is once again an Active Long (swing) trade with a new entry around current levels & remains an Active Long-term Trade. The Long Trades category (e.g. Long Setups, Active Longs, etc..) are swing trades with typical holding periods measured in days, weeks or just a few months, while the Long-term Trade ideas are trades or investment candidates with considerably longer holding periods & above average profit potential. A description of each trade category can be found at the top of the page under each category when accessing them via the Trade Ideas tab on the top menu of the site.