CRON was the one setup I was most looking forward to this morning with it's multiple daily inside bars and triple bottom in the 10.80s range. That setup was ruined with a higher open, and profit taking all day. While the daily candle is very bearish, CRON did hold key support and broke the hourly lower high pattern. To fully shift momentum back to their favour, the bulls must hold low of day 11.05 and break high of day 11.99 (call it 12.00 even). That would confirm an hourly uptrend, but I would still anticipate a daily lower high somewhere around $12.75 at best. The hourly MACD bull move is very week and keeping me skeptical of any ability for significant followthrough, and the daily MACD extended even further down today despite the higher trading range compared Friday.
Keep an eye on CGC here - the sector leader if very close to a significant daily bear break and the correlation to the sector leader will favour the CRON bears.
@Sonsy, CRON held up surprisingly well yesterday. There are two supports at 10.44 and 10.06, the key support is at 9.26
Sonsy
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@McGuireTO, Thanks for your response. So it's possible to see further downward movement? It's up a bit on the pre-market now.
McGuireTO
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@Sonsy, definitely possible. CRON held up but it did break it's daily uptrend yesterday so we will look for a daily lower high to be set. The hourly resistance to break is 11.08, that is first start for the bulls. Anything under 11.08 is an hourly lower high. So far the open today isn't giving me a clear picture, and it's not the scenario I was anticipating, so I'm going to be patient and let the ranges establish themselves just after open, and look for a setup from there.