ACB Stock, EUR and Crude Oil Forecast

EUR futures found support near 4h MA100. I believe the volatility will come to this market tomorrow after a long weekend. The price is building a new channel up on the 4h chart.  With that in mind, we have a trading range of 1.2105 –  1.2290. So, it makes sense to scalp till support or resistance breaks.  In general, we are still in a bull trend.

So, if resistance breaks, we can see the wave up to 1.23100 – 1.23500. The most important event this week is NFP on Friday. It can set the trend for the next 2 weeks.

ACB stock forecast

Last year we booked over 200% in ACB trade. This year I was stopped out in a new trade, but bought again later. I am not a big fan of growth stocks like ACB. But a small position makes sense when there is a good setup. Democrats are working hard to push marihuana legalization across the USA.  And I believe they will succeed in it.

Also, there are signs of Wyckoff accumulation on the 4h chart. Besides, it closed above MA100 for the first time since the massive sell-off. So, I wouldn’t be surprised to see more upside in the coming 3 – 7 weeks. The neutral magnets for stock are 11.30, 13.50, 19, and 23 in extension. Note, replacing stop loss to be is a must for growth stocks.

Not much changed in CL setup since my last overview. However, on 4h chart, we might get a trade this week. It seems like resistance is broken, but this consolidation looks dangerous. So, a swing failure to break above 67.60 should give a pull-back to 4h MA100 and possibly even lower.

However, the daily chart is still bullish and likely pullbacks will be bought again.  So, when price finds support, we may see a rally to $69 – 70 a barrel. Conservative traders should stay on the sidelines till the OPEC meeting as there is a risk of oil output increasing.

ACB Stock, EUR and Crude Oil Forecast by Inna Rosputnia

Wishing you a great week!