Today’s update will be on CGC , clear levels to watch to dictate the trend in coming weeks/months
Points to consider,
- Trend respecting .618 Fibonacci
- Structural resistance to break
- MA’s holding as support
- respecting support
- Stochastics neutral
- below average
CGC has respected its Fibonacci level, .618, signalling buy pressure coming in from structural resistance. A level yet to break will negate the in CGC if a break and close above structural resistance comes to fruition.
The Moving Averages is holding true as support, must remain when structural resistance is broken.
The is respecting its support signalling that the at current time is neutral; this is same with the stochastics.
is clearly below average, must increase if market structure is to be negated
Overall, in my opinion, CGC has a clear resistance to break which will negate the by putting in a higher high.
Till then the macro bear trend is still intact
What are your thoughts?
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“When you learn to let go of the need to be right, being wrong gradually lose its power to disturb you.”
― Yvan Byeajee
If you’re in CGC now, that gap close would be an opportunity to accumulate. We have CRON earnings coming up, followed by MSO’s in March. I think the MSO earnings will be a big turning point, hopefully reassuring the market that cannabis has a bright future. That sentiment would have us look for a higher high, but in general, I think we’ll see a sideways grind for a few months.
keep up the good work!