Topside resistance: 48 psychological, break could lead to previous highs 50-55 range, up to 15% profit potential, if not ATH.
Bottom support: 45 psychological & 43,71 previous Higher Low/trendline coming in. Break could lead to HL compared to 25.15, => further tightening EQ range on the Weekly.
Watch for volume when break occurs, in order to avoid...
NYSE:CGC
Very nice bullish signals here, especially with that flag formation, quasi Cup and Handle. I’m all about Cannabis stocks in 2019 for obvious reasons, considering the more liberal evolving regulatory environment paving the way. It’s all the Benjamins baby. I wonder if B. Franklin smoked cannabis.. Hmmmm.
Options i got my eyes on:
- July 19, 2019 $50,...
This 48 level is key for a breakout. The price has played with the level a couple of times. With the weed industry going crazy the last year this one should be a nice play for awhile.
Guess what...CGC has converging trend lines...but is an EW triangle...Possibly....is it 1 2,1 2, is it a running or symmetrical triangle!?!? STAY TUNED...the suspense is killing me.
A couple of counts possibly leading us to the same place...up. Have not dove into the bearish count yet.There is a bear count.... Short term down..then long.
Dear Cannabis Sector friends!
In our previous TLRY idea we had asked ourselves: Can TLRY repeat what EOS from crypto space did already? (See the link below)
The answer is: Yes . And this is the beauty of Technical Analysis: No matter where you go, which market you wanna play, human psychology never changes.
A beautiful descending triangle gets broken bearish,...
Run for your life... JK
In all seriousness this stock is and has been overvalued for a very long time. Charts starting to reflect this.
With the failure to break ATH weekly close its starting to form a double top formation.
Especially with this weeks candle opening below last weeks red candle it is adding to my confidence on the short.
Ultimately the target...
My other favorite, view my CRON play posted earlier for more info on the weed stocks. Very self explanatory, load up and have fun in this shaky market my potheads :)
Going to setup a trade using April $47.5 calls stop-limit $4.25 (tweezer top at $4.20 on the options) with a $1 stop. Risking $100 per contract.
Upper targets low to mid $50 range. Only concern is that the gap from the last two days has no been filled, but let's see if the sellers jumping on at this resistance get squeezed up.
Cheers!
Hello my dear Cannabis sector fans, but also to my usual Crypto friends: Pay attention now!
The legalization of Cannabis is coming from left an right, and obviously, what had started in Canada, will not just stay there. The US is the next huge market, and after that comes Europe.
Some of the Canadian Cannabis companies have seen huge run-ups already, but this...
After a few weeks of watching canopy and trying to short it. I've become convinced its going to produce a similar breakout from the previous rally.
Jan 9th > The first breakout started. Support began then the crowd started to rally and it produced substantial gains for longs leading into the next congestion phase.
Jan 14 - Jan 24 > The Bull flag congestion...
Going out on a limb here, let me know what you think. I'm expecting to see a gap up in pre-market and continuation into the open. Especially since the price was pinned down at the previous close to burn the premium. Once we get past the initial 15 min algos going at it, I think retail will buy heavy sending the price upward through the remaining resistance levels...
Update of previous chart on Canopy.
MACD, Parabolic Sar, RSI all looking pretty bearish and reminding me of previous chart action in the aftermath of the late 2018 price run-up.
However.. the EMAs (10 and 30) haven't crossed over, and to me that would need to happen to confirm a steep downtrend.
For now things are leaning bearish, if we see further...
