With the MO investment CRON now has an effective 12.50 support also it is hitting up on a important 12.89 resistance if breaks that it could reach 20s based on next level of resistance from the trend move from June of 2018.
I doubled down on my short at $11.30......I am hopping out now because I don't want to be greedy. Greed has cost me a lot of money in this game, so I have learned my lesson. Good thing is, I met my goal, and made my profit for the day. I played around with this stock twice, jumped out before the huge spike, and I will jump out now. I am done for the day. Good luck ...
Lower highs and lower lows is a consistent trend. Marijuana stocks are missing earnings badly and overblowing estimated demand from Candian consumers. Companies like CGC and TLRY are badly missing Street estimates and continue to trade at ridiculous valuations w/o numbers to back them up. CRON market capitalization is $1.46 Billion when quarterly revenues are $2-3 ...
Cronos market cap. 1.2B vs Canopy Growth market cap. 7.8B and Tilray market cap. 8.4B
Has relative potential to grow in comparison with Canopy Growth and Tilray.
Long term idea without predefined stop loss and target profit.
Disclaimer: not investment advice, not qualified licensed investment advisor, author may have positions in mentioned assets.
-higher low confirmed on daily
-look for bull break over 9.95
-look for bear break below 7.55
-otherwise tightening range between yellow and orange lines
-daily support (orange)
-daily resistance (yellow)
-range to watch 7.55 to 9.95
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Not that familiar with charting, but this looks like a strong bull pennant to me...anyone agree/disagree?
Following all of the news, would seem that continued bullish movement after a small retrace/accumulation is pretty likely.
Think Cron headed to 20 with this breakout of 12.89 resistance and with a bid at 12.50 from the MO investment this is looking good long term. At least in the short run should see new highs if market co-operates.
So I took a risk and jumped back in to short CRON. I jumped out at 8.90 and jumped back in to short at 9.20, and boy was I right lol. I held again and it paid off. I am hopping out because I don't want to be greedy. Good luck out there guys.
So Based on the pattern, CRON can't seem to push pass the resistance point. I shorted at $9.12, and so far so good. I will hop out in the next hour or so, as I do not hold over the weekend. Good luck out there guys.
The short term bearish trend challenged all the floor lines that were suggesting an upward trend.
Now it is time to wait for it to either truly reach the MA 40 or to actually touch the MA 100.
If it touches MA 100, would suggest a BUY opportunity based on my experience. However, it is always wise to wait for a bullish candle before making a decisions.