Evening Traders,
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
- RSI respecting support
- Stochastics neutral
- Volume 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 bearish trend 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 RSI is respecting its support signalling that the relative strength at current time is neutral; this is same with the stochastics.
Volume 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 bearish trend by putting in a higher high.
Till then the macro bear trend is still intact
What are your thoughts?
Please leave a like and comment,
And remember,
“When you learn to let go of the need to be right, being wrong gradually lose its power to disturb you.”
― Yvan Byeajee
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
- RSI respecting support
- Stochastics neutral
- Volume 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 bearish trend 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 RSI is respecting its support signalling that the relative strength at current time is neutral; this is same with the stochastics.
Volume 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 bearish trend by putting in a higher high.
Till then the macro bear trend is still intact
What are your thoughts?
Please leave a like and comment,
And remember,
“When you learn to let go of the need to be right, being wrong gradually lose its power to disturb you.”
― Yvan Byeajee
