Nobody has the small Canadian oil producer on their screen. With relatively low production costs and high margins, the production volume has been successively expanded over the last 12 months.
Last year I traded the share from 0.12 to 0.24 CAD and now I will be back from 0.13 to at least 0.24 CAD.
If this mark is cracked, then new highs above 0.30 CAD would not...
After losing both 200 and 500 MA (red and orange), this is clearly long-term bearish.
Even though pump continuation is possible, all potential upside is capped, most likely by 50 MA (pink), until formation of long-term structural bottom.
The absolute bottom is indicated.
To me this action looks like the calm before the storm. A space without volatility where price is not going down lower to previous low levels. As price is coming from a previous downtrend into a level with lots of support, this gets me to believe that this breakout would be on the upside.
At the end of this week, the 3 Week EMA is above both the 9 Week EMA and the 21 Week EMA for the first time since March 2018. On the Day interval, the price has crossed above the 200 Day Moving Average. Volume was above the daily average all week and the weekly average as well. On the monthly chart, the MACD is about to cross upwards.
WSP has been here before. Pushing at a long-term resistance zone trying to breakout. So far, the breaks to the upside haven't been accompanied by much of a volume increase. I had to get out of this one last time when the price spiked but volume stayed low and the price collapsed back shortly after.
Trade entry and stop loss are hypothetical at this point. Likely...
Curaleaf is starting to round back up and looks like it can potentially get back over the Ichimoku Cloud. The marijuana sector has been a poor performing sector this year so I wouldn't press too hard on it, but there are still a few catalysts left this year that could help the US MSO's take a run.