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Aurora Cannabis Inc. (TSX: ACB)
Aurora is one of the largest Cannabis companies currently looking to make a global footprint. They have recently announced they are expanding into Portugal to Enhance their European Market Leadership. This news helps back up their claim of having a “funded capacity in excess of 500,000 kg per annum and sales and operations in 24 countries across five continents, Aurora is one of the world's largest and leading cannabis companies.” Much like Aurora is seeking market share outside of North America, you too might want to seek a broader charting knowledge. OK, let’s do this.
Q: What do you call a bear with no teeth?
A: A gummy bear!
Indeed, gummy bears and other edibles are something in the pipeline for Aurora. Now that the joke is out of the way, let’s take a look at a bearish charting signal that could help you know when the current uptrend might take a bit of a tumble. Today we will look at Bearish engulfing. This candlestick pattern is rather simple to spot once you know what to look for. Bearish engulfing is a 2 day (or another timeframe) candle
pattern. The first day is a rather bullish day closing near the highs. The second day starts off strong above the prior days high but the sells off throughout the day and closes lower than the prior days low. This is what makes it engulfing. We can consider this a bearish change in
Note: this chart uses NYSE: ACB- same company