WEED is suddenly coming to life so I'll be covering some names here.
CGC was the strongest today up 17%.
Taking a 2 point reverse fibonacci projection - CGC has crashed to tag the outer extremity of a Shakeout Reversal Zone at 1.786.
And this 17% bounce appears to be a buy-to-close AR Automatic Rally following a heavy SC Selling Climax.
Due to this I would say it is more likely or not that there will be a ST Secondary Test to probe lower and probably at least re-test the SRZ.
IV very high for CGC so this one will be good for selling LEAP puts or simply buying the stock.
Not advice.
CGC was the strongest today up 17%.
Taking a 2 point reverse fibonacci projection - CGC has crashed to tag the outer extremity of a Shakeout Reversal Zone at 1.786.
And this 17% bounce appears to be a buy-to-close AR Automatic Rally following a heavy SC Selling Climax.
Due to this I would say it is more likely or not that there will be a ST Secondary Test to probe lower and probably at least re-test the SRZ.
IV very high for CGC so this one will be good for selling LEAP puts or simply buying the stock.
Not advice.
Note
WEED opening bearish and CGC should get to $2.5 I think.Note
CGC pumping on good news "Canopy Growth Announces Industry Veteran Christelle Gedeon As New Chief Legal Officer"
And surprise surprise the announcement was in the fib band 😄.
Note
It takes a while to reverse a big trend so good chance there will be a big pull back, when exactly that is I dont know, it could pump more or pull back but I now think the WEED bull market is probably on and will be buying more on pull backs.Note
Indexes are perhaps ready to turn south and it looks like CGC is also. This imo could be a generational buy opportunity, but I'm going to wait a bit before I buy anymore because I think a collapse back into the channel is coming.Anywhere from 2.7 down to the bottom of the channel can be a great buy i think, but i will be looking to indexes also to see where to buy.
Not advice.
Note
Glorious pumpai today. That said I expect a pull back at some point in consideration of indexes.
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Your FA guru can't read a chartðŸ’
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
I run a technical group with lots of content every day + regular videos, 1:1, chatroom 🚀.
Better than all the rest? My record speaks for itself 💡.
Telegram Group: $50 per month✨.
Contact: t.me/dRends35
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.