Sometimes you just need to zoom out more, to get the broader picture. With CRON trading at 11 times forward revenue at the CURRENT price, it is still extremely expensive. Disappointing results, nothing much to show for all its promise. It seems to me that the only thing it has going for it right now, is Altria's cash. Looking at the weekly charts, it would seem that the dreamers are keeping this baby from imploding, while she certainly is on her way to the bottom trend line.
We have to remember that RSI and other indicators are calculated based on recent price history. A low RSI certainly doesn't mean that CRON is oversold, and it is definitely no guarantee that the bottom has been reached. I will be considering CRON below $13. Even then, it will still be VERY expensive.
Don't get me wrong, I do believe that CRON is a contender in the future, but the current levels leave very little short term upside, in my honest opinion. I'll wait for some really good news from CRON, or for a better valuation.
Thanks for looking.
We have to remember that RSI and other indicators are calculated based on recent price history. A low RSI certainly doesn't mean that CRON is oversold, and it is definitely no guarantee that the bottom has been reached. I will be considering CRON below $13. Even then, it will still be VERY expensive.
Don't get me wrong, I do believe that CRON is a contender in the future, but the current levels leave very little short term upside, in my honest opinion. I'll wait for some really good news from CRON, or for a better valuation.
Thanks for looking.
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