CGC looks like it's gonna breakout and then breakdown!. Market is getting toppy. either we are getting fireworks in the skies or nuclear bomb dropping down on us.
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I was expecting it to break up but it seems like it completely broke down due to the market being toppy as I mentioned previously. Luckily I brought a small position in puts to protect myself but still -130 dollars If we drop enough, I'll make bank.
@Barkworth unfortunately, I didn't prepare myself enough for that market crash.
i knew the market was going to dip anytime on when i charted this out but i didn't think it was gonna happen at open.
I got caught with my pants down at 9:30am est.
by 12 on Friday, i was able to mediate and came out with this prediction (paste this link in address bar to see screenshot prntscr.com/n1m7uh )
I was able to load up on puts on that bulltrap on 4spy at $281.49 and our group killed on same day expiration puts for LULU that day because bad nike earning= premium sportware industry down.
Barkworth
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@WallSt007, You're not alone, buddy. I failed to exit ACB in time. Took a 6% hit on the way down. I'm hoping for a quick bounce today, but I fear the worst...
Barkworth
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The last time this happened was the sell the news event when Canada legalised cannabis. Today, we are in a different phase. Even though it is scary, with these volatile stocks, I don't think CGC will drop more than 10%. But who knows...
Barkworth
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What is your opinion: I am anticipating a sudden dip, followed by bull volume buying that dip, sending her to $49 or $50, only to settle at the current resistance of $48, which will then be support.
WallSt007
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@Barkworth, I anticipated a dip yesterday.
Had orders set at $45.90 and brought them.
Now I am waiting for the push to $48.50.
Maybe it will push more but I'll be out by that point.
Then I expect a sharper drop.
We do have some news about the acquisition today.
I think next upcoming catalyst could be a weed stock ER.
If I remember correctly, Cron is next.
If they have a shit ER and people start doing the math that they are way over valued at20ish.
Then we can get some downturn.
Plus if the market such as spy, Dow sells off, then we will have the crazy catalyst we need
Barkworth
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Yeah, spot on. Levels on watch, for sure! Thanks :-)
i knew the market was going to dip anytime on when i charted this out but i didn't think it was gonna happen at open.
I got caught with my pants down at 9:30am est.
by 12 on Friday, i was able to mediate and came out with this prediction (paste this link in address bar to see screenshot prntscr.com/n1m7uh )
I was able to load up on puts on that bulltrap on 4spy at $281.49 and our group killed on same day expiration puts for LULU that day because bad nike earning= premium sportware industry down.