Sagar Nandi
One of the most active stocks today is a cannabis stock trying to break out of Memory resistance.

CUE 360° analysis summary

$ACB is relatively new stock and its performance may be decided more by its own strength than by anything else. The stock is breaking out of resistance and is outperforming the market. It may give a Go With Flow long setup today which will also be a Breakout long setup.

I am sharing it as a possible technical trade setup. The stock is relatively new. Its performance may be decided more by its own strength than its industry as a whole (unless cannabis related regulatory news is expected that may move all the cannabis stocks as a whole).

All the snapshots are taken around 10:10 AM EST 26th Feb 2019, Tuesday. Numbering in the text below follows the marking on the pictures.

IMPORTANT: As the price may move up or down during the day, you may confirm a swing trade setup at or near market close.

CUE Technical Analysis

acb chart 2019-02-26_10-13-38.jpg 
Weekly Backdrop chart template.

1) Weekly Backdrop candle color is bullish (cyan).

Daily Entry chart template.

2) Daily is bullish in terms of Swing indicator (which means the stock is in an uptrend with higher highs and higher lows). The stock is also above the white and yellow Direction lines, confirming the uptrend further.

3) ACB was inside a triangle pattern formed by Resistance and Support Memory trendlines.

4) Today the stock is trying to break out of the triangle pattern, to the upside. Daily Flow candle color is cyan. This is signaling a Go With Flow trend following long trade setup.

5) Relative Performance is sharply tilting up, showing that ACB is outperforming the market.

Miscellaneous.

6) Today ACB has positive news related to the increase in its production capacity.

7) It is also one of the most active stocks today in the USA market as of this time.
acb news 2019-02-26_10-21-58.jpg 


acb active 2019-02-26_10-26-53.jpg 
0
Sagar Nandi
Following up on ACB.

When I shared the long idea, ACB was bullish and my market outlook (as shared in the weekly market roundup videos on our YouTube channel) was neutral. The market was bullish but overbought - meaning, we were not going to take long using the market ETFs. We were not going to short the market ETFs as well.

Attached are charts of ACB and SPY since the initial posting.

1) ACB long analysis was done on this day, 26th Feb.

2) By 6th Mar, ACB hit the initial profit target for swing trading (Upper Boundary) and one would book profit, at least partially. And use a trailing stop on remaining position to make sure that the entire trade was risk-free as a whole from then onward. That is the CUE technique of booking profit with discipline.

3) While the profit was booked, on the same day, ACB had a bearish shape candle. SPY was starting to topple over on that day, as seen from the SPY chart. Looking at that, you might exit the remaining position as well without waiting. In that way, you were trading with the stock's 360 strength and also keeping an eye on the overall market.

acb followup with spy 2019-03-07_15-17-04.jpg    
0
Sagar Nandi
1) I shared ACB long idea on 26th Feb.

2) Partial profit could be booked on 6th Mar when ACB came very close to the Upper Boundary initial profit target for swing trading.

3) If you did not exit on 6th Mar, by Friday 15th Mar you would book at least partial profit using CUE techniques. The stock has covered much more than risk taken in the trade by then.


acb 2019-03-16_9-09-19.png 
0
CUE Elite
CUE Global & CUE Finder
CUE Edge, Vital, Index
Metastock Software (One-Time)
Metastock Data/Subscription
Data Region