With all the hype behind us, we're back to normal. Still a lot of room for consolidation. Looking at the long term, we're back inside the organic growth channel, which has provided support for as long as Cramer was pumping, but is now likely to provide resistance again, as CGC is trying to make sense of what they are doing.
FIB levels on watch, long term wedge still in place, while we wait for significant news or results that will justify a sustainable break out toward analyst targets.
Yesterday did close with a doi and some good volume. I'll be watching the volume very closely at the opening bell because if you look at yesterday's hourly you will notice a little bit of divergence between the macd and the rsi which tells us that it was beginning to change direction at closing. I'm hoping the pattern will continue this morning....we will see.
FatherMike
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Not sure if agree with that . It has been downtrending anything below 40.55 and this could end up in the mid 30s in my oponion for what that's worth
Barkworth
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@FatherMike, I suppose my English fails me. What I mean is that down she goes, without anything substantial to trigger bull volume. Thanks for response.
Ron-V
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@Barkworth, I think the fact that the 50 day moving average recently crossed the 20 would confirm that long term, though the low RSI and price movement beneath the lower boundaries of the Bollinger Bands suggest some upward movement first.
Barkworth
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@RonVau, cheers buddy :-)
Barkworth
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For what its worth, that is why I drew in the FIB levels. I imagine it at $35.40 before long.