Good evening!
With recent news, the deal signing for supplying Manitoba and Alberta Cannabis could help sky rocket this stock's price at the end of this year. It is also important to note that pot will finally get legalized this October. This is good news! This is looking at it from a fundamental point of perspective.
This is tradingview and we are here to look at it from a technical analysis point of perspective. With that said, let's take a look at it from the daily charts. We can see that the prices have consolidated 11.37 and 13.39 forming a cup and a handle formation. 11.37 acting as its main support, it was tested 3 times. 13.39 acted as a resistance and with each advance to the 13.39 price, we see more volume. This can only mean one thing. That resistance level is about to be broken. MACD is also about to cross each other to go over the bullish momentum. Force index crossed the signal line also for a bullish momentum. Moving averages about to cross each other and creating a bullish momentum.
In conclusion, with the fundamentals and technicals all pointing to a bullish momentum, I can confidently say we are ready to go higher. The consolidation period is over.
Personally, I will enter this stock once I see a confirmation candle just above 13.39. Just to be sure that we have finally broken the 13.39 resistance.. and then as I highlighted, 15.39 would be the next resistance level after. I play it safe. Turtle mindset. Patience is the key. I truly feel that this is one of those stocks that can help me earn a lot of cash.
Thanks for reading my post. This is Balanar the night stalker. I stalk these charts day and night!
With recent news, the deal signing for supplying Manitoba and Alberta Cannabis could help sky rocket this stock's price at the end of this year. It is also important to note that pot will finally get legalized this October. This is good news! This is looking at it from a fundamental point of perspective.
This is tradingview and we are here to look at it from a technical analysis point of perspective. With that said, let's take a look at it from the daily charts. We can see that the prices have consolidated 11.37 and 13.39 forming a cup and a handle formation. 11.37 acting as its main support, it was tested 3 times. 13.39 acted as a resistance and with each advance to the 13.39 price, we see more volume. This can only mean one thing. That resistance level is about to be broken. MACD is also about to cross each other to go over the bullish momentum. Force index crossed the signal line also for a bullish momentum. Moving averages about to cross each other and creating a bullish momentum.
In conclusion, with the fundamentals and technicals all pointing to a bullish momentum, I can confidently say we are ready to go higher. The consolidation period is over.
Personally, I will enter this stock once I see a confirmation candle just above 13.39. Just to be sure that we have finally broken the 13.39 resistance.. and then as I highlighted, 15.39 would be the next resistance level after. I play it safe. Turtle mindset. Patience is the key. I truly feel that this is one of those stocks that can help me earn a lot of cash.
Thanks for reading my post. This is Balanar the night stalker. I stalk these charts day and night!