NASDAQ:CRON has been consolidating in this range for months now, creating a very noticeable Bullish Triangle.
Will be looking to enter at around $5.75 (triangle support).
Possible Outcomes: - Triangle Breaks and follows thru to +- $8 area with a huge profit of +40%. - Triangle fails to break, we fall back to the $6 (would sell before going bellow $6.30) where we sell for a small profit or breakeven. Do not hold on and make this a losing trade.
Share your opinion, comments and questions. Good Luck!
Risk Level: High.
I will keep updating this post.
Trade active
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In the trade at $5.76 before the close.
Trade closed manually
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Lots of sellers today, sold for a +10% profit.
Trade active
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Back in at $6.00 today!
Trade closed manually
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SOLD at $6.40 (+6.6%).
Comment
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Unbelievable performance today for CRON, up 13% right now!
got a nice 20% out of this stock so far, easy money so far. Re- entered around 6.85 targeting the $10 mark now. Cheers
alexr451
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But the legalization vote in Canada is coming June 6th, I think we'll see a good profiting taking opportunity after that.
Feecelet
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@alexr451, hoping so. I was in back in march when it hit 10 and made good $. would like to see that once more.
alexr451
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@Feecelet, yeah my theory is there will be some nation media attention on the first ever country to fully legalize recreational. That might create a spike in demand for the stock by retail investors (most professionals have probably already priced it in) as prices rise that will suck in a few more people going up. Then after a few days most people will realize most of these stocks were already overvalued and there will be profit taking and the price will curve back down to a lower lever that is a little above where it started. That's my theory at least
ALCHAMI
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Man, stepped away for the day and got stopped out of this trade with small profit. it wicked down below 6.30 and I agreed with you it shouldn't break 6.32. Im looking for a new entry on tomorrows dip with a 7.50 target 1 also. Im very bullish on this company and stock. I see double digits easy with there new MED MEN partnership. Im trying to accumulate a bag with profits.
Gerardovb98
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@DylanElchami, great company, great stock, only problem is the PE ratio of +650... it is a bit overvalued.
ALCHAMI
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@Gerardovb98, agreed, do you by chance know what the industry standard P/E ratio is?
alexr451
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@DylanElchami, I think most industry PEs comparisons are based on pharmaceuticals, which are hardly marijuana companies. But most most marijuana companies have a lower PE than CRON does, it's probably the most over valued. But the leglaization vote in Canada is coming June 6th, I think we'll see a good profiting taking opportunity after that.
dso_stocks
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I just started looking at this stock a few days ago and I must say I am impressed with the accuracy of your price to buy in. It seems $5.75 was the lowest over the next few days and an excellent buy in price. I am still very new at this game and missed that buy in, but perhaps I may get into this stock at the low 6's if it stabilizes for a day or two.
Please continue to share your thoughts, I find this to be very helpful insight.
dso_stocks
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@dso_stocks, Bought some last week, in at $6.95 (June 4th) out at $7.70 (June 7th), around 10.5%, which is ok for 4 days holding... now looking for another buying opportunity after this recent shakedown stabilizes