ACB Stock, EUR and Crude Oil Forecast

Canada and New Zealand officials also have indicated that their first interest rate hikes could happen in early 2022. Iceland has already hiked rates, while the Bank of England has already slowed its bond buying and aims to end that support altogether later this year.

This more “hawkish” shift is happening across most central bank’s in the West, including the U.S. Federal Reserve with several FOMC members recently indicating their willingness to start “taper” talks. Even as some officials talk about easing supports, they have also been pushing back against the idea that inflation is starting to run out of control, even as consumer demand continues to outstrip the supply of goods and services in several areas of the economy.

But as I was saying last week, this initial spike in demand may not prove to be overly sticky. Perhaps consumers tick a few things off their bucket-lists of places to go and things to see but then might settle back into a new slower-normal.

There is no doubt an ongoing transformation of consumer trends is taking place and it could take a few months for them to find the new baseline. Data yesterday showed Weekly Jobless Claims dipped for a fourth straight week to hit a new pandemic low of 406,000, which is still very high and about double what it was averaging pre-pandemic. All of these things that are still shaking out in the economy explains some of the Fed’s willingness to let inflation run “hot” above its target rate for a while as supply and demand dynamics stabilize, especially with the labor market still weak. So, let’s overview a few markets.

EUR futures

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 has changed in CL setup since my last overview. However, on the 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.