ASX Ticker Symbol: CAN
OTC Ticker Symbol: CNGGF
Frankfurt Ticker Symbol: CVJ
today I`d like to show you one Cannabis Stock, listed at the ASX , tradable at OTC and also at Frankfurt/Germany!
I think Cannabis Stocks can be at the forefront to a new multi years lasting uptrend, with many stocks anticipating this, while, at the other hand, many of them will leave the board as time move foreward.
CANNGroup shows from my view a very interesting pattern. Let`s have a look.
CAN went public on May 3, 2018 with a share price of 0,30 AUD$ and since than, the stock has risen to a peak 4.55 in a clear 5-wave move. After that high a correction took place, and CAN has retraced a 0.764 Fibonacci of the advance within an A-B-C flat of wave (2). Note that the slope of wave A (red) was very steep, while the decline at wave C (red) was rather flat, indicating a starting buying interest to the stock and is a „normal“ behavior within a . After ending the correction @ 1.53 AUD$, the stock ran up in a strong move and gaped to the upside, may as a „breakaway-gap“! This kind of a gap occurs at the start of a strong move/trend, here to the upside!
The gap has left open so far and the stock has risen to the upper trend channel line, moving sideways since. It is possible to count the move from 1.53 – 2.57 as a „five-up“ (on hourly basis). If so, the correction is not be done and a target area for a wave 2 to finish is around the 2.10 – 2.- AUD$ price range, marked with the yellow and the green price line.
The stock has, to my view, no buisiness to trade below the 1.53 AUD$ area, so this area can be taken as a „stop-loss“ area on a daily closing basis.
If this count will work out positivly and price will exceed the upper trendline of the channel, the door is open for a multi weeks to multi month advance, that will carry CAN to levels well above the 4.55, labeld as wave (1) on Intermediate degeree.
Always keep in mind by trading this stocks, that a total loss of your money you bet on this stock is possible! Handle a stop-loss restrictivly!
So, think smart, or in other words:“...no one has won a race after passing the fist corner“!
Have a great weekend...
Feel free to ask or comment!
Trading this analyze is at your own risk!
Have you by any chance looked at BDA? How would you interpret Minor wave A, a five wave impulse with a triangle in wave four?
thank you for your reply.
I haven`t count Minor wave B as a triangle, because it fit not well to the overall "right look" to my view. May the triangle is possible at a first view.
Have checked BDA as you ask for, and I think, the best way to interprete this stock is shown at the graph below the text. I count wave (B)/(2) as an "Ending diagonal" within wave ((5)) of "C" of (B) which has to do some subdivisions to complete the structure. After this, if the count is correct, the stock will rise to a minimum above the Intermediate wave (A)/(1) high @ $0.72! It is not important if the move is an (A)-(B)-(C) or an impulse, the targets remains the same, at least to equality in the wave structure.
feel free to commend this analyze anytime. Thanks again and I wish you a great time...Regards from Germany...ruebennase