Hello guys.
Here is my TA for SNDL atm.
Due to market conditions as of now, I feel there is further retracement to be made. Short sellers know there is plenty of retail in this stock, and day by day their moral is being destroyed.
Taking a look at this chart, heres what happened
We have been in a falling wedge for quite some time, and as you can see once we broke out we turned that resistance line into support.
If we take a look at the marked level of right around .48-.49 cents, we can see 3 key points that lead me to believe this will be a strong entry.
First, this is a previous support level.
Furthermore, this support level actually lines up perfectly with the falling wedge resistance that we broke out of, as well as falls right on a key fib retracement level from some of the more recent highs.
I will be waiting to see if this move occurs, and taking an entry right around these levels. I have not yet decided where TP levels will be for a long simply because I have not charted yet, as I do not see a purpose until we reach that level and determine what the market conditions upon arrival to this entry.
Lets see what happens!
Here is my TA for SNDL atm.
Due to market conditions as of now, I feel there is further retracement to be made. Short sellers know there is plenty of retail in this stock, and day by day their moral is being destroyed.
Taking a look at this chart, heres what happened
We have been in a falling wedge for quite some time, and as you can see once we broke out we turned that resistance line into support.
If we take a look at the marked level of right around .48-.49 cents, we can see 3 key points that lead me to believe this will be a strong entry.
First, this is a previous support level.
Furthermore, this support level actually lines up perfectly with the falling wedge resistance that we broke out of, as well as falls right on a key fib retracement level from some of the more recent highs.
I will be waiting to see if this move occurs, and taking an entry right around these levels. I have not yet decided where TP levels will be for a long simply because I have not charted yet, as I do not see a purpose until we reach that level and determine what the market conditions upon arrival to this entry.
Lets see what happens!
Comment:
PS: If .48 range looks weak, I will look for .42 and possibly gap fill to .37 instead. This depends on market conditions and needs to be determined once we reach my targetted retracement.
Comment:
Added at .42 and out around .49. Not perfect, but in this market, id say that was a great trade. Its bear season guys, stay patient and resilient. No fomo, don't buy the first dip.