BehindTheTrade

#SNDL - Falling Wedge in H1 broken with volume!

Long
NASDAQ:SNDL   Sundial Growers Inc
#SNDL is in my opinion very close to reverse the downtrend. Possible rebounce area at 0.7$, if not happening before. The one hour chart is showing a falling wedge being broken - with volumes - on April 27th and the price is now retracing looking for a pullback.

Very interesting to see how this bullish wedge pattern is also supported by an RSI divergence: so, basically, the RSI shows higher lows, while the prices are showing lower lows. This is pretty indicative of the fact that sellers are loosing momentum. The target of the falling wedge stands at 1.35$, but I am pretty convinced that once we reach the 1.3$ again, we'll not be seeing the bottom under 1$ anymore.
Trade active: The price is still at 0.7$ level, as expected. Strng support here coming from different trendlines. Moreover, RSI is confirmed to be divergent, and this is especially true in the H4 timeframe, where we are just coming out from oversold territory for the third time since April 16th

Comments

Your chart seems to be not right. Based on weekly chart, the price has fallen below the triangle at the edge.
Reply
@Aliceren, Hi! Can you explain better, maybe sharing a chart from your side? I did not get your point. Thanks a lot!
Reply