I've received requests for this one, and figured to take a look.
Anyone with access to seconds timeframe?
If anyone has access to seconds timeframe, please share a chart of 1 seconds of that spike down from $3.96 to $1.01. I would love to see how that looks. Please include volume.
What do I see?
Golden cross on the weekly chart, but a spike at literally INSANE volume. I can't tell where this asset is headed. It looks like a huge risk if you're not in from before. What troubles me the most, is that all the action is happening at minuscule degree, and there were no buyers when it dropped from $3.96 to $1.01. It didn't stop anywhere at all.
I have marked levels to hold and levels to break. As always, first clue of a bounce attempt, is a break above the hourly MA8, then MA21, then MA50... Look for bull volume for a move higher, or bear volume for a move lower.
Fundamentally, Sundial has an $800M cash pile after diluting their float to 1.2B shares. Are they going take over Zenabis? What else? The money could be in the take over targets, as SNDL is extremely, if not ridiculously overvalued here. Of course, traders should ignore fundamentals. But if you have no clue what you are looking at, and you don't have a position from way lower, then perhaps this one is not for you? I can tell you, this one is not for me.
Here are some micro degree charts with some thoughts.
Anyone with access to seconds timeframe?
If anyone has access to seconds timeframe, please share a chart of 1 seconds of that spike down from $3.96 to $1.01. I would love to see how that looks. Please include volume.
What do I see?
Golden cross on the weekly chart, but a spike at literally INSANE volume. I can't tell where this asset is headed. It looks like a huge risk if you're not in from before. What troubles me the most, is that all the action is happening at minuscule degree, and there were no buyers when it dropped from $3.96 to $1.01. It didn't stop anywhere at all.
I have marked levels to hold and levels to break. As always, first clue of a bounce attempt, is a break above the hourly MA8, then MA21, then MA50... Look for bull volume for a move higher, or bear volume for a move lower.
Fundamentally, Sundial has an $800M cash pile after diluting their float to 1.2B shares. Are they going take over Zenabis? What else? The money could be in the take over targets, as SNDL is extremely, if not ridiculously overvalued here. Of course, traders should ignore fundamentals. But if you have no clue what you are looking at, and you don't have a position from way lower, then perhaps this one is not for you? I can tell you, this one is not for me.
Here are some micro degree charts with some thoughts.
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