WEED started the day Friday with a gap down open just above our key daily level, providing a great bottom-fishing opportunity to play in our daily equilibrium. The entire move was given back in the afternoon when news came out of Canopy withdrawing their 'Chronic By Dre' trademark request after forgetting to get permission from the rapper to use his name. The...
CGC started the day Friday with a gap down open just above our key daily level, providing a great bottom-fishing opportunity to play in our daily equilibrium. The entire move was given back in the afternoon when news came out of Canopy withdrawing their 'Chronic By Dre' trademark request after forgetting to get permission from the rapper to use his name. The...
TGOD is on top watch for me tomorrow. Down 32% since hitting all time high last week, and now hourly oversold with RSI of 23. Hourly RSI 18 is a historical bounce point so if the bears are aggressive tomorrow with a flush first thing we can look for an entry, otherwise there is still room to the downside so I will be very patient waiting for the move if it...
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...
ACB opened right at $12.00 price support from yesterday and broke it on open, and wasn't able to recover it later in the day. This is not game over for the bulls, as chart support remains at $11.44 but it's certainly a stronger pullback than the bulls had hoped for just 3 days after reaching new highs in reaction to earnings. IF there's any consolation for the...
CGC 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 $48.90 and break above $50.00 psychological to negate that flag potential. Key support for the bulls to...
APH was by far the weakest name in the sector today, breaking $18.57 support and signalling a major red flag for the bulls, putting the chart into a daily downtrend with a lower high and a lower low. $17.76 support broke as well, and the last level we have to play off of is the low of the oversold bounce $15.76. APH rejected on open from daily EMA4 & EMA8. The...
APH is in a tightening pattern on the daily and the afternoon bounce today gave us an hourly lower high, and a new resistance to play off of, 19.88. Low of the day was 18.78, this level is important but the key support for me is 18.57. If we can break 19.88 and hold 18.57, that significantly shifts the odds that APH can break this daily tightening range...
CGC has been getting tighter and tighter in the two weeks since the oversold bounce Sept 14th. We're at a point on the hourly chart where we're likely to see a break, giving direction for the entire sector heading into next week. Daily candle is still bearish, indicating we could see further downside to start the morning. However if we hold the low of the day...
My last published piece on ACB indicated the bulls were looking for a new base of support, and today it's become clear that line in the sand is $12.00. The day started with a higher open and a strong attempt to break $13, and profit taking starting a minute into the day. Bulls immediately fill the gap to the penny and tried to rally from there, but were unable...
Tomorrow, HEXO enters day 5 of the right range from 8.12 support and 8.63 resistance. Breaking this bearish will have us test supports of 7.71, daily MA20 and 6.76. Breaking bullish will have us test 9.09 all time high, and potentially break that. Volume on the break will be my key indication of power and momentum.
ACB had a big gap up on earnings this morning and saw a continued run into their conference call, however when the call failed to deliver a news catalyst investors started to take profit, breaking the low of the day and dropping to test former key resistance $12.56 as support. This bearish candle suggests further downside tomorrow, and I'll be watching two key...
ACB spent the better half of Friday defending $11.75 as a line in the sand, despite the hourly bearish MACD divergence. If that cannot hold I would not expect 11.65 to hold, resulting in an Inside Bar bear break. From there I would zoom out to the 4hr chart and look for a higher low compared to $10.18 and a tightening range from there. Investment rumours from...
The similarities I've highlighted here look better on WEED.TO than on CGC because Jan 15th saw the TSX trade but not the US exchanges. That said I'm looking at similarities in the first oversold bounces following the last two all time highs at 44.00 in January and 48.72 in June. Subsequent those bounces we saw a tightening range playing out across more than a...
The similarities I've highlighted here look better on WEED than on CGC because Jan 15th saw the TSX trade but not the US exchanges. That said I'm looking at similarities in the first oversold bounces following the last two all time highs at 35.88 in January and 36.55 in June. Subsequent those bounces we saw a tightening range playing out across more than a week...
Watching the APH.TO range from low of the oversold bounce to high of today. Today we saw our lower high set and bulls are now looking for a new support level above 15.76. Today's low bounced right off the .5 retracement of the fib pull with swing low as the oversold bounce low, to the high of today. It will be interesting to see if that new support holds. I'll...
Watching the ACB.TO range from low of the gap up on Monday morning to high of today. Today saw significant bull breaks of key levels 11.77 and 11.98 leaving very few resistances left until the all time high. However, some healthy consolidation is required. Today's low bounced right off the .5 retracement of the fib pull with swing low as the oversold bounce...
Watching the CGC range from low of Friday to high of today. Today's low bounced right off the golden pocket of the fib pull with swing low as the oversold bounce low, to the high of today. It will be interesting to see if that holds. I'll be remaining very patient as the next couple of days set a tightening range with new levels to play off of. The break of that...