CGC has formed a failed bull breakout and small final flag reversal (failed breakout of tight trading range). It also tested the middle of the tight trading range from the previous all time high which was a target. However this is the first reversal attempt since the January rally and the selling pressure wasnt that strong. The bears need strong follow through...
The Bulls are getting trend resumption after testing the EMA and filling the buy climax gap at $150. Prices will likely reach a new all time high soon. There are signs of profit taking around the new all time high (sideways for past 8 weeks). A reversal down soon could become a second entry for the larger wedge reversal. If there is another buy climax prices...
TLRY formed a parabolic wedge bull flag last week which triggered this week and will potentially lead to bull trend resumption. The bears appear to be exiting on a test of the previous weeks bear close but the bulls will need follow through over the next few weeks. If prices continue to sell off the bears will likely test the bull breakout gap around $32 and $27.
CRON
CRON reversed down from a parabolic wedge and tested below the 1/28 bull gap and the previous all time high. Bulls still have gaps open below and are currently trying to close the bar on its high for a high 2 buy setup off the EMA. But decent selling pressure over past few weeks, possible second leg down before bulls return.
ACB 4/26
Failed L2/ nested H2 /Breakout pullback test of all time high in ACB. So far this week is a small doji bar, and small range of previous few weeks. Bull gaps still below, if prices test below last weeks bull bar prices will likely test the EMA and below the 8.00 big bull bar gap.
HEXO 4/26
Bull breakout of failed bear reversal, outside bull bar H2 variant, new all time high this week. Good buying pressure, still bull gaps open below, the most recent being just above the EMA at 7.75.
LEVB 4/26
Bull breakout from nested H2 at EMA, bull gaps open below. Possible second bull leg up from Jan rally. Selling pressure above around $6. Bulls need strong follow through above. Mostly sideways on higher time frame chart (monthly).
WEED
WEED is in a broad bull channel with good buying pressure and no strong reversal yet. The bears recently attempted to form a lower high, but prices are stalled at the EMA and set up a nested high 2 /wedge bull flag. The bulls have a breakout gap below around $47.50. If it remains open, prices will likely test the all time high. A new all time high could...
TLRY
TLRY had a strong bull rally soon after it went public but formed a buy climax (tail). Since it has been correcting down to test the bull breakout. The selling pressure is not great and is accelerating, possibly setting up a wedge bull flag soon. If the bull gap from around $35 stays open it will increase the chances of bull trend continuation. If it is...
Nice little gap up that needs a good ole fashioned fillin, bumpin and grinding on 48.60 ish, count looks like its a flat not 100 which degree doe, 4 of the fif a bit big, or just 4 shallow AF, could be the 4 genesis bear div on 12 and > looking like a regroupin may be a coming... or is this sideways the regroup?
I bought a Vertical Put Spread at $200
Spread is exp May 17 Strike 42.5/37.5
max profit is $300 if exp below $37.5
CGC has been fading as it drags lower due to investors being torn between ACB and CGC.
Symmetrical triangle didn't work out as there was 3-4 false breakouts which moved it lower in the end through 60 support.
This is a support/resistance...
CGC/WEED is moving toward previous resistance, $64-65 has been the territory of many false breakouts. This recent catalyst that reversed the downtrend may allow it to move past previous resistance, Merill Lynch initiated coverage of CGC/CRON/ACB, also at the same time CGC bought Acreage Holdings which was 3.4 billion dollar acquisition.
This was a big catalyst...
Back inside that old wedge, bounced hard off of the top. We need to see a higher high, otherwise we'll just continue the down trend. Bottom line disappoints, while market cap is sky high. With 20% share dilution announced, I am not touching this stock until at least below $36. Otherwise, there are many other plays.
CGC is currently within a very clean bull-flag pattern. We also have the 100/200 day moving averages right around the bottom of the bull-flag. I will be looking for a break-out above the descending line of resistance, and if we get that with some conviction, we could see CGC run back to previous highs around $55-60.
Moving average guide (All daily for this post):...
