I missed this entire move as I've been busy with other life obligations, but no FOMO! This size of this bounce tells me the temporary bottom is in and I'll be looking for an entry in the coming weeks after a healthy pullback so I can join the party and take part in some MJ profit fun!
Clear bear breaks today keep the bulls in full control of CGC and WEED in every timeframe. Currently in an area with a lack of support. A weak afternoon bounce leaves us in an hourly bear flag setup heading into tomorrow morning, bulls must hold the low of today tomorrow as a first step in negating that flag.
CGC is up against a significant area of support including three price levels and the 200 day MA. Watching tomorrow for how this plays out.
Key resistance for bounce continuation & bear flag negation is 32.99
Key support is 31.85
Decided to try something a little different today because I don't want to type up a bunch of analysis.
I'm watching the range of Thursday to break to tell me if we're going to see bounce continuation of a healthy pullback to form a daily higher low, and then try to change the daily trend with a higher high.