Hello traders and investors! Let’s see how SNDL is doing today! It has been some time since we talked about it, so we have many things to update!
First, for several months, SNDL did nothing, but now it seems it is waking up again. When it broke the resistance at $ 0.79 we had something new, and now we are in a clear bull trend with higher highs/lows.
Any pullback must be seen as an excuse to buy SNDL. Now, we are heading to its target in the daily chart:
It seems we have a rounded bottom, and some would say that this even a Cup & Handle, but this is not important. What matters is the meaning of this movement.
Right now, we have something new on SNDL, as the price is not dropping or in an accumulation anymore, and what’s even more interesting, the volume is increasing. This means that the players are excited about the stock, and technically speaking, our next target is the $ 1.75.
Let’s see if SNDL wil hit there again in the next few days. Meanwhile, remember to follow me to keep in touch with my daily updates, and support this idea if it helped you!
@MertTrader, If AMC can, then SNDL can do it too! ;)
dajo
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@Nathan_Black, Welcome back Nathan, that long consolidation was boring! You made my day mentioning AMC. SNDL to the moon!
MertTrader
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@Nathan_Black, Definitely Agree. I am long with 250K shares. We should also get weed legalization news any time this year.
glapo
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Thanks Nathan,
Question, when you call out a resistance area how do you recommend it be approached? As a day trade are you suggesting to sell at that level anticipating a pullback?
Thanks again.
Nathan_Black
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@glapo, Usually resistances are targets, so it is time to book profits, or at least think about it. I like to book partially and wait for a bearish reaction to be cashed out.
jonwade
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Good feedback. I've been holding SNDL since .79, knowing that was the resistance level it'd eventually have to break. Took some patience but it's paying off. Planning to start scaling out over 1.50.
Nathan_Black
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@jonwade, Awesome! The market rewards the patient ones! Take care, and good luck!