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Could take days, could take weeks, could take months.
The Cannabis momentum all across the board seems to be changing in a favorale bullish manner Plenty of stocks have seen double digits increases, most noticeable medmen and tilray. Medmen is drifting down in a bigger parallel channel on a Weekly chart and is moving towards the middle range of which could act as resistance. On a daily Medmen has broken out of the...
not saying this is exactly what's going to happen but its always a good idea to be prepared. medmen will most likely go back to the .48 range. and these are my thought on how it will happen. this is educational and lets see how it plays out. I marked with blue boxes buy and sell ranges. or this could be used to short today and show where I would cover.
pos bear ABC it done it going down. New lows. Another count may unfurl, not super clear on what the move down would be, could be an impulse not complete, could be some kind of ZigZag Combo, looking for #ClairityofCount bull div
Daily consolidation on MMEN is not healthy at this point, bulls are trying to find a weekly higher low above 2.51 all time low. Watching the 1hr RSI equilibrium to see if it gives any early signals for a potential intraday scalp trade.
few possible counts here, ABC it done it going down. 1 2 and the 3rd is going down for the 4. or 1 2 and it is putting in the 4 of the 3
Bullish divergence in the RSI. 12 day EMA acting as support, that once acted as resistance. Large volume break of resistance will help to confirm breakout and change of trend.
The last 2 times it reached the bottom of this channel it formed an equilibrium and then reversed directions. I expect it to first consolidate below this 12-period EMA line as it has done in the past. MACD is about to cross bullish on the 4-hour. Breaking of the RSI resistance level of 44 will help to confirm breakout.
MMEN has changed the daily trend, but is now going ot have to change the weekly trend and that isn't going to happen any time soon
Notes on chart. Risk reward is very interesting Can play the commons $MMEN.C or the warrants MMEN.WT.C
MMEN broke it's multiple week tightening equilibrium and the volume is backing up this move. Check out the bull vs bear volume on the hourly chart. This is a trade I plan to be in for a couple weeks in search of a weekly lower high below $8.20s
MedMen MMEN since IPO. Buy at 4$ with sell target at ~6$ (+50%) and stop loss at ~3$ (-25%).
Major resistance in the process of being tested at the .786 fib level. If this level becomes support, I will look to see a target at the 0.5 fib level for the medium term. EMA 12 and 26 are crossing on the 4-hour and the daily is not that far behind. Bullish RSI.