SNDL - Meme or TA Dream?

NASDAQ:SNDL   Sundial Growers Inc

I know SNDL is still living in Reddit/Meme territory, but there are also some very solid technical analysis (TA) indicators that could mean we're in for another push.

Chart above has call outs for major points of consideration, but will recap here as well:
  • Each push that SNDL has made, comes back to the . 618 retracement line (which is a pretty sizable pull back).
  • The most recent push has already made that pull back.
  • We have touched the 50 day moving average and the long term support line .
  • Each time in the past the 50 day moving average and support line have been touch there's a big push that follows

The only caution I see here is the overbought position on the Stochastic RSI (1 day candles). We could see a drop in the next day or two, but I don't see that impacting the over all trend. It could be another test/tap on the support line before a big push.

Lots to consider here, but it feels like we have some pretty strong bullish signs for SNDL in the coming weeks.
Comment: Stochastic RSI once again comes through on the one day candles. Big drop today, but have not broken the pattern of support. If we're heading back to the support line or the 50 day... the will be the big test of the larger trend...
Comment: Trying to stay positive here guys. SNDL dropped (as Stock RSI indicated it might)... BUT... if the support line holds... we could be setting up for a very nice double bottom!

Keep an eye.


Earnings Thursday were 3 cent below expectations

Montley Attacked it all weekend
Why AMC, GameStop, and Sundial Are 3 of the Worst Stocks to Buy
This Is the Absolute Worst Marijuana Stock Money Can Buy
Sundial Growers Could Plunge by 55% to Just $0.65 a Share, Warns Analyst

In Feb SNDL filed shelf to float the entire company
Canabis industry was down overall today.

I'm currently at a loss holding from January 28, halt killed momentum I bought top.
@Chaython, price action didn't go too crazy after earnings... thought we were over that hump. Big media bashing will definitely do the trick. I bought and sold for a decent profit during last run up, playing with house money at this point, but definitely down on recent buy. Here's to a bounce off the 50 or support!
Chaython worldlyTacos81375
@worldlyTacos81375, Well earnings were twice as worse than expected. I think they saw positive outlook based on cash on hand. But all the cash is from new share filings.
As I said, they ordered a shelf to float 1bn$ in new shares. They only have a 2bn market cap.
@Chaython, Trying to stay positive... see update above... 😳😳
@Chaython what happens if the stock falls below $0.50?
worldlyTacos81375 deniojsanchez
@deniojsanchez, That would suck... but I would recommend having a stop limit sell order in to protect yourself against losses like that. I have a stop limit order in at a risk threshold that I'm comfortable with. So to answer your question, if the stock falls to $0.50, that's okay with me because I would have sold a long time before that.
squeezed below your wedge, how do you feel now?
@Chaython, Brutal day. You see any bearish signs that I missed? Will be interesting to see what happens if it makes it back to the 50 day or the established support line. I also did call out an overbought position and possibility for a drop... so hopefully it won't drop too much more in the next few days... :-/