I think Canopy Growth will retest its support in the coming weeks. Much based around the accounting error and no short term catalyst to move the SP higher from a already high SP, price near ATH. I think Canopy Growth will find support around $48-55 Cad or as low as $40 Cad, depending on more factors then only Canopy.
And with positive news around the Cannabis...
Tilray went into a classic bubble. 15x in 2 months. Previous bubbles have taught us that -80% is a must for the majority of these assets. At the same time all these lines are gaps left unfilled along with the untested local high at 34$. So to me a 35-50% drop is imminent.
Momentum is shifting bullish as the the EMAs start to cross over and MACD points up. With the way the stock is moving it could push towards and retest its all time high of 9.29.
Fundamental and analytical all point to continued gains.
Short sellers savaged some stocks making them perhaps undervalued - though keeping an eye on P/E ratios
That said overall optimism on the market and more US states looking at further positive legislation
Looking for a continuation of a downtrend on the VXX with a possible Head n Shoulders pattern that will complete in the following 2 weeks or so. Will just have to see if it plays out.
My Take: Ideally I think we would see a push up to 4.80 and possibly love 5's on Monday and then consolidate over 2-3 days in mid to low 4's ($4.20 and 50 dma at ~$4.10) before pushing back above 5. The $5 price range is going to take support and conviction, along with a bunch of new buyers as we had the bought deal at $5.27. With psychological resistance at 5,...
IG: @BULLRINGANALYSIS
Tlry is a very interesting pick here. Early stages of company growth but, descending triangle pattern is meeting major resistance level. Bullish signal from this pick, but could be interesting to see what happens at this intersection point. RSI is also in interesting position for growth as well.
not financial advice
Cleaned the chart up from the original chart I posted a couple hours ago, came back from a break and noticed I built the 1D chart...never zooming into the 2 hour view. Real ugly.
Anyways it's pretty self explanatory!
Here are the price points I calculated based on the descending channel we are currently in.
The overall view takes into consideration the starting point of $1.26 with the high of 18.65. I then moved the chart to March to see where the average price was(gray dotted line down the middle. Triangles fit within the descending channel and helped me calculate the 5th...
Alt Coin Analysis - Points out of 10
Date : Since 2014 ( 8 / 10 )
Volume 24 H : 3 BTC ( 2 / 10 )
Available Markets* ( 1 / 10 ) Huge Risk
Social Media Rate ( 3 / 10 )
Ranks ** - 870 ( 2 / 10 )
Website ( 1 / 10 )
Type Cannabis Coin
Overall ( 2 /10 )
At 200 - 215 satoshi, Good Risk & Reward. The coin is on ALL TIME LOW level since 2014!
If you dont think...
