WEED small gap down open today, pulling back on a significant increase in bear volume is certainly a concern for the bulls. The weak afternoon bounces certainly have me looking for possible bear-flag confirmation and to further downside; bulls must hold $62.02 and break above $65.05 to negate that flag potential.
Key support for the bulls to maintain the daily uptrend is $62.02. This sits in the middle of a low volume node, meaning a break could see price continue downwards towards $59.70 where we start to see much more volume support.
Resistance to break are $65.05 and $66.64 high of today.
I'm not giving the bulls any benefit of the doubt - a pullback this significant on increasing bear volume is a definite red flag for me.
How WEED (really, how CGC) moves from here will dictate the direction for the rest of the sector heading into legalization on October 17th. Losing that support at $62 makes it less likely we will see new highs heading into next month.
Key support for the bulls to maintain the daily uptrend is $62.02. This sits in the middle of a low volume node, meaning a break could see price continue downwards towards $59.70 where we start to see much more volume support.
Resistance to break are $65.05 and $66.64 high of today.
I'm not giving the bulls any benefit of the doubt - a pullback this significant on increasing bear volume is a definite red flag for me.
How WEED (really, how CGC) moves from here will dictate the direction for the rest of the sector heading into legalization on October 17th. Losing that support at $62 makes it less likely we will see new highs heading into next month.