CGC reached resistance, short entry Short

Description

⋅ Jul 28, 2020 6:43 PM

CGC had quite a good day today.

It touched the red trendline and I believe it pulls back to the support @18.25.

On May 22nd it closed at the same point as todays resistance. Then it gapped up and fell back hard.

So I believe there are many sellers above the resistance who are happy to get out without a big loss.

What speaks against the trade is the high volume today (which already vanishes) so I just open a small short position.

Trade closed: target reached

⋅ Jul 30, 2020 2:25 PM

Support and Resistance Trend Lines

Comments

justinl619

⋅ Jul 29, 2020 12:27 AM

I’m still waiting for $13

ape_mo

⋅ Jul 29, 2020 8:40 AM

@justinl619, I do not think that will happen in the near future. Higher lows and higher heights recently. In my opinion it is in an upwards trend since the beginning of july

tuongvy0501

⋅ Jul 28, 2020 10:06 PM

Extremely overbought today

ape_mo

⋅ Jul 28, 2020 6:44 PM

I'm interested in anybodys opinion, remarks and critics.
Still learning TA so give me your input :-)