Good Afternoon Everyone,
Over the past 2-3 years, I have been keeping a close eye on a list of cannabis stocks (medicinal and recreational) to see how they react to different market conditions. One company that has really peaked my interest lately is Aleafia Health (ALEAF). This is a company I have been watching since 2018 and has steadily moved downward since...
AH is forming an Ascending Triangle or potentially a Bullish Flag, the dark green line is the base of either a bullish flag or descending triangle, the dark red line is clearly the downward sloping resistance of the pattern.
The dark blue upward sloping line of support has seen multiple bullish reactions upon being tested, I have placed three blue arrows to...
In blue I have outlined a bullish flag or descending triangle, or possibly a falling wedge, it appears as though momentum is leaning towards the bears creating a series of lower highs, but the blue downward sloping line of resistance looks like it's about to be breached to the upside, and continued bullish price action could possibly create a inverted H&S pattern....
Has Aleafia stuck in a bottom recently, it appears as though on the RSI there is a staircase creation of higher lows & higher highs, and now a Inverse Head & Shoulders is forming & may break-out bullishly to the upside in the near term.
It also seems like a bull flag is breaking out to the upside right now.
Aleafia looks like it is ready for a bounce at the very least.
The RSI is also forming an ascending triangle.
Easy risk to reward on this one. Either it breaks out from a $1 entry with a target around $1.50 or it breaks down from the $1 level, invalidating this trade idea.
The double bottom pattern always follows a major or minor downtrend in a particular security, and signals the reversal and the beginning of a potential uptrend.
Time will tell per usual.
Looking at the chart for V.FAF it appears as though things can only go up from here?
There's some speculation around Fire & Flower being acquired by Aleafia.
Interesting enough, Certain directors and officers of Emblem have interests in Fire & Flower. In particular, Harvey Shapiro, a director and the Chairman of the Company, is also a director of Fire &...
Aleafia is looking to retest a recent support that was made May 3rd.
If it holds then we will see a double bottom & possibly a reverse in the trend after the break through the descending triangle I spoke about in my previous post.
