The pot bubble is going to burst. From the technical perspective we are pulling the trigger here after retracing 61.8% of the initial leg to the downside from the highs. For those who believe in the bearish story for the industry, now is the time to get back to work on the sell-side. More and more funds with large central books are starting to open up positions...
ACB is now trading at an area of critical support. I am playing this area long however if it closes a 3day candle below the 200ema it would be in danger of entering a bear market cycle. The last several months have just been a long period consolidation and that trend is likely to continue.
(Not financial advice)*
There is a critical support range from $20-25
Risk-Reward-Ratio above > 5:1 .
Shares now trade nearly 50% below our fair value estimate, as the lack of profitability continues to weigh
on the market price. However, we think focusing on profitability this early in the company’s and industry’s
evolution is misguided.
I primarily focus on cryptocurrencies, but since many are stagnating at the moment, I'm looking at some other assets for possible setups. If I had some extra investing capital right now, I'd actually enter a small position here. The market seems to be overreacting a bit, and TLRY is now at a prior resistance level turned support. If it can bounce here (ultimate...
VGW has been oversold recently due to the Cannabis industry and the overall downfall of the sector. However, often times dollar stocks in the Cannabis industry (and in any sector as a matter of fact), typically are delayed in terms of their rebounds relative to the big players.
The rebound has started for the large players already in the sector and I expect VGW...
Oh well, were definitely expecting more energy from around here but now it seems to be that the support that has been holding the price on right course since December '17, is lost. This channel where the price bounced a tiny bit right now has also been tested few times earlier. Not looking that impressive here, for me at least. If this channel is lost, we may see...
Well, there was the bounce. Filled with hopium I was imagining couple of lines higher move from here. We'll see if there's energy for that as we get closer to this crucial trend line, elseway we could see much cheaper stocks to buy soon.
The cannabis sector has been really beaten down; today some of them are reaching oversold levels.
ACRGF could be a potential stock to invest in, if we see a pullback. Specially since it's retreating from a past strong support @$12.
Be very careful, oversold can stay oversold for some time. (Same goes for overbought conditions)
Have a great weekend,
Logarythmic View :
Nice bounce on the LT Trend line , Support need to be confirmed
RSI is increasing and is repeating a 2-year-old pattern that with pure coincidence occured from May to August at that time...
Damn god is it so easy ? Just play repeat and smash it off ? Well let's see !
The funny thing is that it's really similar to BTC charts !
To sum up :...
- what could have been the beginning of the 3rd wave starting in mid April failed to materialize as price action headed into a descending triangle. Therefore I had to re-position the count of Wave 1 to April 30
- With the re-positioned count, we are currently in Wave 2 nearing the end of another descending triangle. If this holds true, we expect price to move...