CGC is beginning to develop some two sided trading and transitioning into a broad bull channel / bull flag trading range. (All channels are a form of a slanted trading range and ultimately evolve into a large trading range). Prices are currently around the middle of the trading range, where the directional probability is close to 50/50. The high 2 buy setup a...
MJ is the center of a large bull flag trading range and expanding triangle. Last week formed a second entry for a higher low and a potential start of a second leg up. The selling pressure down from the 38 lower high has not been strong, but the directional probability at this location is close to 50/50 with a slight bull advantage. There are still bull gaps...
Looking at picking up a few shares in the $38-$37, could keep moving lower to $34 but ready for the discounts as long term this should be a real contender.
So far this week is a bull follow through bar. The bull breakout gap is still open below. The bulls will likely get two legs sideways to up even if only a small rally and test of the 78 tight trading range. If the bulls get strong consecutive bars over the coming weeks, it will increase the likelihood of a second leg up and test of the 160 high. If instead,...
ACB NYSE is currently in the dead center of the bull flag trading range, and a converging triangle. This is where the directional probability is very close to 50/50. However the bulls have a slight advantage because it is a bull flag trading range, and there are bull gaps below. Prices are currently stalling at the failed bear reversal, where trapped bears may...
ACB is currently in the dead center of the bull flag trading range, and a converging triangle. This is where the directional probability is very close to 50/50. However the bulls have a slight advantage because it is a bull flag trading range, and there are bull gaps below. Prices are currently stalling at the failed bear reversal, where trapped bears may...
As shown in chart. TLRY could benefit of a big rally if we can cross the $56.50 SMA(50) line with strong volume. Technicals RSI @62 with a stronger comeback from being oversold. (Check chart drawings) * Always set your stop-limits to protect your position, as well as exit-profit targets to get your gains. Happy trading! dorfmanmaster
HEXO reversed down from a nested parabolic wedge, larger wedge and large low 2. The follow through selling has been good. The bears will likely get a second leg down before taking profits and before the bulls will look to buy again. This market is still in a bull trend, but wedges often lead to two legs sideways to down, convert the market into a trading range...
The buying pressure has been strong over the past few months on a test of the all time high. But this market is still in a large trading range, and the buying pressure is climactic. This is more likely a buy vacuum test of the high of the range than the start of a strong bull trend. Instead, there will probably be profit taking around or above the all time high...
Although $ZYNE is developing some bull strength, it is still in a large bear trend or trading range. The bulls reversed the market up on the monthly chart from a large high 2, and will probably get some form of a second leg up. However since the IPO this market has been sideways to down, decreasing the likelihood of a strong bull trend developing. The bulls...
CGC credit spread 5x $120 premium, exp May 31 Looks like bearish divergence on RSI daily and weekly. Trend is weakening as no new participants are really coming in after recent moves. Journal entry and not advice.
A possible final bottom for $TLRY could be around $34 , last swing high of last summer. The EW count now seems to be still incomplete and the weakness of the entire sector could bring the price in that sweet spot. Keep in mind that Tilray is still one of the most overvalued stock in the cannabis sector with a market cap in the hundreds of times its revenues.
CGC had a good spring I am shorting it until $40 as bearish divergence printed on RSI and SPY is potentially going to move slightly lower. IT may weigh upon canopy. I am in the trade as of $45.39. I may have jumped the gun as I could have waiting for a false breakout at $47. However the movement today was a little bit weak. $47.10 will be my stop. This is a...
The high 2 micro double bottom bull flag has triggered from last week. The bears were unable to fill the $10 bull gap. Bulls likely to get second leg up from strong bull rally. They want a measured move up based on the spike or a leg 1 = leg 2 measured move. Prices will likely soon enter a bull channel. The bears need to generate strong selling pressure...
Lesson 4 Know what you want in the market Contrary to what most believe, successful traders do not actually trade constantly. Attempting to trade constantly leads to increased commission costs, random trading, and compound mistakes. In fact, successful traders spend most of their time doing absolutely nothing! How long does it take to enter an order? A...
Canopy growth had a great spring and it seems to be fading toward a new move as bearish divergence prints on the daily RSI while the weekly also looks to be turning bearish. I want to short 100 shares heading toward 40 which was last support and adding more if it breaks past it. Previous resistance will be my stop which was $47. This is a journal entry and...
TLRY has formed a second entry for a parabolic wedge bull flag and larger high 2, although a doji bar. If the bulls are unable to regain control soon - something is wrong with the bull trend premise. If the bulls do not return within the next few weeks, prices are more likely to be in a trading range and will likely test the tight trading range of the open...
CGC just finished an Expanded Flat & a Zigzag From here I think we'll go up up up unless something changes.