Hello traders and investors! Yes, SNDL is heading to our target at $ 0.95 again, which is good. In our last study, SNDL was doing some nice patterns, but unfortunately, none of them were triggered.
Now that we are close to our target at $ 0.95, we might see something interesting again. And if you missed my previous public analysis on SNDL, the link to it is below as usual.
In the daily chart, is clear the importance of the $ 0.95, as it was a relevant resistance in the past, and it has been working as a support level now.
Since SNDL is inside a congestion, between the $ 1.64 and the $ 0.95, all I know is that when we get close to the bottom area, we should buy, and when it gets near the top level, it is time to sell.
Of course, it is not that easy, because we must wait for the right patterns to appear. For instance, the last buy opportunity on SNDL was during that Hammer pattern, which we also discussed here in my public analysis.
Now, if SNDL does anything similar, it’ll be a great buy sign. The volume is very low, indicating that it is dropping not because we have a sell-off, but because the market is weak.
What’s more, the weekly chart is looking curious:
For the first time in a very long time, SNDL is trading above the 21 ema, and what’s better, it found a support at it now.
If SNDL is about to react, now is the best moment. And if you want to keep in touch with my daily updates, remember to follow me, and please, support this idea if you liked it!
I support this idea! Its nice to hear something positive about sndl for a change. Whenever you read about the stock its always said to be the worst stock to invest in.
Nathan_Black
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@Mike-OneontaPropertyMgmt, I know, but as a Price Action trader, I do my best to ignore the news, and trade on what I see on the charts, and if my insights are helpful to anyone, then my job is done.
Thanks for the support, Mike.
dajo
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Nathan, thank you for the insight! Much appreciated.
Nathan_Black
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@dajo, Hey Dajo! I always appreciate your support, my friend!
Trade well.
vanessadp
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Gosh I really hope so
Nathan_Black
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@vanessadp, Hi Vanessa! Let's just stick with the technique and we'll be fine. No need to worry.
I wish you the best.
dajo
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Your crystal ball is right on target! How long can this trade with no movement, odd?