CGC is currently within a very clean bull-flag pattern. We also have the 100/200 day moving averages right around the bottom of the bull-flag. I will be looking for a break-out above the descending line of resistance, and if we get that with some conviction, we could see CGC run back to previous highs around $55-60.
Moving average guide (All daily for this post):
50 day moving average in Green.
100 day moving average in Yellow.
200 day moving average in Red.
Entry: $40.00-$45.00.
Target 1: $51.00 (top of the flag-pole.)
Target 2: $56.60 (prior resistance level.)
Target 3: $59.25 (previous peak.)
--Not looking for any further targets after target 3, as a break above $59.25 would take CGC into a new price discovery phase.
SL: $38.25-$39.25 depending on risk level. (Below the 100 and 200 day moving averages. Just be aware of wicks.)
-This is not financial advice. Always do your own research and own due-diligence before investing and trading, as for investing and trading comes with high amounts of risk. I am not liable for any incurred losses or financial distress.
Moving average guide (All daily for this post):
50 day moving average in Green.
100 day moving average in Yellow.
200 day moving average in Red.
Entry: $40.00-$45.00.
Target 1: $51.00 (top of the flag-pole.)
Target 2: $56.60 (prior resistance level.)
Target 3: $59.25 (previous peak.)
--Not looking for any further targets after target 3, as a break above $59.25 would take CGC into a new price discovery phase.
SL: $38.25-$39.25 depending on risk level. (Below the 100 and 200 day moving averages. Just be aware of wicks.)
-This is not financial advice. Always do your own research and own due-diligence before investing and trading, as for investing and trading comes with high amounts of risk. I am not liable for any incurred losses or financial distress.
Comment:
So far so good:
Comment:
Target 1 at $51.00 has been hit: