Welcome fellow tradingviewers,
Cannabis stocks have been getting hit from all of the place since the big hype. We have seen a real though Bear market for the last year or so.
So is 2020 going to be the year for cannabis stocks?
Let's find out:
I was writing this analyses when we just closed the weekly at 1.62 and decided to wait it out for a bit and I am glad i did to find my perfect entry.
Monthly:
On the monthly we can clearly see that we have just tapped the pre bullrun support zone and are currently bouncing up from it.
Weekly:
We are starting to see some form of pushthrough, will be exciting to see if this week is going to close as a bullish engulfing candle. If it does it will predict more upside momentum.
There is little to no resistance all the way to 4 dollars per share.
The support zone was located from 1.50 to 1.65 where we located our buy orders.
Daily:
We are starting to form a small inverse head and shoulders with the neckline around 2.25.
If we can breakout of this pattern then we should be ready to test the upper resistance zone on the daily located at 2.50-2.70
In summary:
A lot can happen this year, but we now that the cannabis stocks are currently in oversold territorium and might have just finished the capitulation fase.
If we manage to break the 2.50-2.70 area, we can have a relief rally to 4-6 dollars per share before thinking about higher grounds.
I hope you guys enjoyed this analyses, if you did don't forget to leave a Like!
If you want to share your thoughts, please do so in the comments below!
Kind regards,
Forallcrypto
Cannabis stocks have been getting hit from all of the place since the big hype. We have seen a real though Bear market for the last year or so.
So is 2020 going to be the year for cannabis stocks?
Let's find out:
I was writing this analyses when we just closed the weekly at 1.62 and decided to wait it out for a bit and I am glad i did to find my perfect entry.
Monthly:
On the monthly we can clearly see that we have just tapped the pre bullrun support zone and are currently bouncing up from it.
Weekly:
We are starting to see some form of pushthrough, will be exciting to see if this week is going to close as a bullish engulfing candle. If it does it will predict more upside momentum.
There is little to no resistance all the way to 4 dollars per share.
The support zone was located from 1.50 to 1.65 where we located our buy orders.
Daily:
We are starting to form a small inverse head and shoulders with the neckline around 2.25.
If we can breakout of this pattern then we should be ready to test the upper resistance zone on the daily located at 2.50-2.70
In summary:
A lot can happen this year, but we now that the cannabis stocks are currently in oversold territorium and might have just finished the capitulation fase.
If we manage to break the 2.50-2.70 area, we can have a relief rally to 4-6 dollars per share before thinking about higher grounds.
I hope you guys enjoyed this analyses, if you did don't forget to leave a Like!
If you want to share your thoughts, please do so in the comments below!
Kind regards,
Forallcrypto