A few factors lead me to believe this stock might make a short term reversal.
First, RSI showing that bear strength is getting weaker. Additionally it seems to have formed a very short term double bottom (can be observed better in a short term timeline graph). On top of this price action could bounce off of 24% fib.
The trading range is decreasing as the wedge is getting more narrow, i wouldn't be surprised if the price action were to test the upper limits of the wedge if not break it altogether.
Well have to see how this develops till the end of the week
@TristanKhanizadeh , 23.8 is not a vital level from while any major trends stars, well generally, although i agree with you that, a upper channel line touch may occur, but this will keep sliding down , a shorters heaven
@TristanKhanizadeh, whats wrong here?? any fundamental damage done to this company??
MysteriousPersian
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@Sandipan.mch, removed from korean markets which accounted for a large part of their revenue. combined with the ffact that the cannabis market got caught in a bubble and this one managed to get a pump out of it since its inter related somewhat.
MysteriousPersian
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@Sandipan.mch, dont feel bad but you wanting to short this made me go long. and i was just reminiscing on this idea after making 100%
MysteriousPersian
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@Sandipan.mch, While your generally right about the fib ratio, its not one of my leading arguments. The 1 dollar region was big resistance and the huge gap up from that region into the insane rally leads me to believe the 1 dollar region could be significant support.
While it may not reverse until 0.80$ or so, the risk reward ratio for shorting at this level is not a terrible idea.
I shorted this stock at 1.70$ but not a chance you'll be catching me doing it now.
MysteriousPersian
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@Sandipan.mch, ***risk reward ratio for shorting at this level IS a terrible idea*** mistyped that
MysteriousPersian
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@Sandipan.mch, you still wanna be shorting this? Its high probability that its reached the bottom for now