CGC’s macro trend has been putting in consecutive lower highs with a recent sell of ending with an oversold bounce.
Currently testing structural resistance which is in confluence with the 200 MA, a rejection is probable.
This will likely lead to a retest of support, confirming the S/R Flip
RSI is above 50, cooling off from oversold conditions whilst the stochastics is trading in the upper regions with a sell cross coming to fruition.
Volume climax is evident, indicating temporary bottom may be in as CGC finds its equilibrium
Overall, in my opinion, CGC is likely to trade in this range before another impulse move. CGC’s general immediate trend can be determined by the break of either of the key support and or resistance level.
What are your thoughts?
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And remember,
“In order to succeed, you first have to be willing to experience failure.” ― Yvan Byeajee
agree range bound till earnings. wait and see pattern for now
AzizKhanZamani
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@Cbnyc bulls got a bit of proving to do for a confirmed trend change
Barkworth
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My thoughts are that it is likely going to close the gap and back test that triangle it broke. Indicators will cool in the meantime, and it will charge higher. We may see the lower $20 range in the near term. SPY is a constant risk factor to keep an eye on. Longer term, I think CGC has to complete a wave 4 and 5 down still, leading her below $10 one last time. Either for a double bottom or a lower low...
AzizKhanZamani
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@Barkworth thank you for your insight! Important to keep an eye on the spy, interesting how the money is flowing through these markets