I am reading a lot of pumping posts... Reality check: AcB is a falling knife----in a monthly down trend, which has accelerated. Just look at a chart!
You NEVER buy a stock in a downtrend---unless you are shorting the $@@?! Stock.
Why is ACB a falling knife? It's share price is in a downtrend. Investor sentiment is bearish. ACB is expected to announce a write-down of $2 billion when the company announces earnings on Tuesday.
You can never catch a falling knife---because it's dropping too fast---and you do n't know where it will land...
In the same way, ACB's price decline is accelerating in the past few days...Stock is trading at .73 (approx) if we reverse the split....
You rarely buy a stock before earnings---bullish news, such as higher than expected earnings---share price pops..
Bearish news, such as less than expected earnings, stock drops like a plane shot out of the sky.
Where will the knife hit the floor??? When I look at the cabdlestick chart, I can see the beginning of a Gap up at $7.39 ( approx)
Often, Gaps higher or lower are often filled...
I fully expect ACB's share price tank another $1 to $2----at least to $7.39 on or after earnings Tuesday---when ACB reports a loss of $2 billion due to another write-down...
I do not recommend anyone buy ACB for the long-term, until after earnings, and stock bottoms---which will be indicated by a range trading ( support and resistance)
Some guy posted that he bought 1,0000 shares at $9.5 last week...Well, the guy was a fool----he's now lost $1.00 a share * 1,0000 shares...
Why has he lost???? He doesn't know anything about the basics of reading a chart----uptrend, downtrend, range, reversal...
As I said,you never buy a stock in a downtrend---because the stock is highly likely to drop much lower......
We are not at the bottom yet...
Wait until after earnings----a few days...
Stock will likely Gap down, bounce, then tank to the Gap....
trade in a range.. That is the time to go long...
I am looking for an entry at $7.39 or lower!!!
Learn the basics of charts---to identify the trend...
You NEVER buy in and go long on a downtrend!!