Welcome back to another chart, Today’s chart will be on the MJ sector – CRON
Points to consider,
- Price is trending up retest of
- Local resistance a .618 Fibonacci Line
- coming into apex
- Stochs testing resistance
- EMA’s giving price resistance at current given time
- is well below average
- VPVR, showing low of transactions from current point
- Current support is being held by the – 1.272 zone
CRON is in an interesting place at current given time, it is testing it’s upwards , CRON bulls and or bears have an opportunity to take over from this point…
Price is currently testing support being provided by the which is in confluence with the upwards . Bull have the probability of pushing price up from here as CRON has had a major downwards rally, it would only be natural for the price to have a relief rally…
The is getting closer to its apex whilst the stochastics is testing its local resistance. is currently well below average, we need to see an increase in if price where to break either direction.
If CRON is able to respect its , then the probability of retracing back to the .618 Fibonacci is more favourable, posting a potential gain of 20.56%. However if bears break this support and , then CRON can test next lower local support, posting a gain of 27%...
A break either way needs to be confirmed with , the VPVR shows low levels of transactions from this point both ways, price should be able to reach targets comfortable upon breakout…
What are your thoughts?
Will CRON respect or break and test lower levels?
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“Amateurs think about how much money they can make. Professionals think about how much money they could lose.” – Jack Schwager
It is at a very interesting spot, certainly. I figured to share my own interpretation, for the friction of thought. I have taken all time as a trend line, copied that upward to extend the initial move upward. Both bottom lines line up perfectly, each in their own right. The other two lines mark the paralell extentions of the peak and rebound when the Altria investment were announced. I find that also these lines provide an interesting projection.
I'm not a trader. I have been waiting for my MJ stocks of choice to come down to reasonable levels, to take 4 to 5 year positions. The current valuations are very interesting, although CRON doesn't have a clear path to profitability yet. I believe in their business model, however, and decided to enter into a long position when it dropped recently. If the current supports give way, I would look upon that as a rare opportunity to stock up significantly.
Levels on watch, that is certain.