Dear traders,
Here is my TA for Canopy Rivers Inc,
We find ourselves in a downtrend channel from which we need to brake out in order to change the mood.
With the MACD Continuing Divergence, which is a Bullish sign, we now need to see higher lows and lower lows in order to breakout from this channel.
What is you're opinion on this stock ?
Here is my TA for Canopy Rivers Inc,
We find ourselves in a downtrend channel from which we need to brake out in order to change the mood.
With the MACD Continuing Divergence, which is a Bullish sign, we now need to see higher lows and lower lows in order to breakout from this channel.
What is you're opinion on this stock ?
Comment:
Canopy Rivers price action is following my TA for now. If we zoom in we can see that our green dotted line has worked as a support line like I hoped it would be. If we create an ascending channel now, we might see a breakout soon, if we don't get sent back down by the resistance line.
Comment:
I am waiting for more volume to come to play before going long.
Comment:
Vol didn't come, the stock price went down.
Comment:
RIV created a new lower low. We are still in a bearish channel.
Comment:
RIV is following out bearish triangle very well, in fact we might get a breakout soon. Keep an eye open!
Comment:
In fact, as we zoom in we see that the bulls failed breaking out on multiples occasions.. To be safe I would enter a position now with a stoploss just under the 55ema, to make sure to still get some profit, but you won't get raped if this is a failed breakout again.
Comment:
Let's see how this plays off.