Watching the CGC range from low of Friday to high of today. Today's low bounced right off the golden pocket of the fib pull with swing low as the oversold bounce low, to the high of today. It will be interesting to see if that holds. I'll be remaining very patient as the next couple of days set a tightening range with new levels to play off of. The break of that tightening pattern will set momentum for the days to follow.
Today's bear volume was very notable. We know there is ETF balancing ongoing this week that must settle up Friday, so I am leaning towards seeing more selling pressure into tomorrow and Friday.
I find the most clarity on the daily and 4hr charts. The 4hr chart with extended hours could be considered a bear flag here, but those long lower wicks of bulls buying the dip are a point in opposition to that possibility.
I've been watching CGC and have not taken a long position yet. What do you see as a good entry point? Thank you for your thoughts.
McGuireTO
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@DonnaSko, The landscaped has changed a bit since this post. I will publish a new idea shortly that I hope can help inform your own analysis on when to best enter a long position and will tag you in that idea. Thanks so much for checking in and would love to hear your reaction to that post!
kStarr0914
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This is literally the same commentary that you left for CRON. Are these really running in lockstep? CGC looks a bit different.
McGuireTO
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@kStarr0914, yes the entire sector is correlated to some degree. While Canopy has lost the 4hr uptrend, CRON has not. That's the difference