tradingzebras

Attempting a reversal

Long
NASDAQ:GWPH   GW PHARMACEUTICALS
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4
Bullish divergence in the RSI (white)
Volume climax
KST indicator crossed bullish
Still needs to break the RSI resistance line (green) with high volume and follow-through.
$120 was resistance and now attempting to become support. If defended, confirms trend change on the 4-hour

Comments

Oh and I forgot, also, if you look at the previous cycle, the price dipped well below the blue line(not sure what it is.. EMA?). I personally will have this on my watchlist, but there's a good chance that it will do the same thing as before.
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tradingzebras coolpranx
@coolpranx, Thank you for your comment. Yes, the blue line is 24-day EMA. I'd like to see a healthy consolidation under this line before making a shot at higher highs, but you might be right in waiting a bit longer for a more solid base to form. Cheers
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coolpranx tradingzebras
@tradingzebras, Of course, friend. Thank you for opening this up!
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Great analysis! This was a really great find! I'm more of a conservative trader, and I think the stock might need one or two more cycles before having $120 as a support. Your analysis seems very accurate, but(personally) I would probably hold off until it starts to bounce back from the support(which might be lower than $120. If you are trading this, hopefully all goes well :) Good luck! Thank you for the analysis!
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