CGC Probable Higher Low| Structural Resistance to Break!

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


what gap levels, $18.50 or $20 is your fill n buy? is carona effecting cgc today
+1 Reply
@RobFlorio, i personally don't have buy ins at the moment, just watching on the side line and yes the corona virus uncertainly has been affecting all markets i believe
RobFlorio AzizKhanZamani
@AzizKhanZamani, wow is this real look.. down more?
In my opinion, there is still a lot of fear in the market. Many assets have gaps to be closed, which is where I have my buy orders. That would give us a weekly higher low, testing the rally and confirming the bull thesis.

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.
+1 Reply
Barkworth Barkworth
With that grind I mean that we can take our time to accumulate. These plays aren’t getting away from us any day soon.
+1 Reply
@Barkworth, From a technical stand point i believe we will see a nice bottoming formation on larger timeframes before next bull market in this sector - so your right, i agree that these plays wont be running away, just have to keep on monitoring

keep up the good work!
+1 Reply
Barkworth AzizKhanZamani
@AzizKhanZamani, likewise, friend. It really helps, communicating like this. Thank you!
+1 Reply
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