In the past few ideas I've been pointing viewers to the intraday charts on CGC and I'm no longer doing that. The price action remains so choppy within this range I've become convinced there's no use for it for the pattern. We now have two green days in a row, but because Oct 11th had a much lower open, we still don't have two "real" green days in a row - where the close is higher than the previous day. Our high of day also rejected from the uptrend line we lost on Wednesday.
We have a descending wedge pattern on our RSI, showing hidden bullish divergence. We see the same type of divergence on the MACD as well.
Part of the unclarity lies in that we don't have a clear level of resistance, but rather we have bands of resistance, so I default to using the outermost extremities of the pattern.
Support: 46.42
Resistance: 51.21
These are the only numbers that matter to me for CGC. From Friday's close we're only 14% away from all time high; If we break bullish out of our current equilibrium we will test that level, so I'm more than happy to sit back and wait for the clear direction. That said, bottom-fishing bear breaks of $47 have been profitable over the past week but I would keep a very tight stop on any such attempt.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
We have a descending wedge pattern on our RSI, showing hidden bullish divergence. We see the same type of divergence on the MACD as well.
Part of the unclarity lies in that we don't have a clear level of resistance, but rather we have bands of resistance, so I default to using the outermost extremities of the pattern.
Support: 46.42
Resistance: 51.21
These are the only numbers that matter to me for CGC. From Friday's close we're only 14% away from all time high; If we break bullish out of our current equilibrium we will test that level, so I'm more than happy to sit back and wait for the clear direction. That said, bottom-fishing bear breaks of $47 have been profitable over the past week but I would keep a very tight stop on any such attempt.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.