Cronos group is currently trading within a steep downwards parallel channel. My expectation is that this channel will break within a few months, steep channels like this rarely last this long on non logarithmic charts. I would love to buy an accumulation towards the bottom.
NASDAQ:CRON
Don't mind picking this up around $6. Been trading sideways since the beginning of November, but has traded around $6 six times since February of 2018. 6 for 6 at $6. Too many sixes if you know what I mean. So does it go for a 7th time? I'll sell naked puts at $6 until then.
MKM Partners broke from the herd today and placed a buy rating on Cronos, brave but maybe unwarranted.
Accounting issues have resulted in a delay to earnings which has increased the bearish | short positioning.
The have placed a $11 target down from their initial $12 level, but upgraded from Neutral to BUY.
Upside resistance levels | price targets on the...
Weekly and daily bullish divergences. Bounced off last fib support from all time low to all time high. Looks promising. I would not keep if it loses that .786 fib support.
Or to play it conservative, wait for daily price to cross and close above descending pink trend line to buy in. Or even more conservative, the blue 50ma line.
I rarely do Buy and Hope, but today, I am hoping for a bounce from yesterday's low, signalling that a weekly higher low is in. This seems to be a decent supply zone, but broader industry sentiments are still tough.
Averages signalling underlying weakness, but when sentiments change, this stock should be testing $8 again in the coming days or weeks. Still, trying...
Point of Control (redline) critical level to watch, held as support during fridays selloff.
Volume not overly bearish and remains higher on green days,
Volume below daily average
