CRON bouncing off support with bullish MACD and daily Stochastic momentum. Weed stocks are likely to reverse in the coming weeks, especially as the market as a whole reverses. If it breaks $10 it can go 11.6+ . Bearish under 8.9. IV relatively low, so go with a debit play.
Expecting $12M to $15M, which would be very good indeed, but investors don't understand Cronos' business model. Are we looking at a WXY, or will the Y morph into a motive wave?
Everybody expects that drinks are where the money is. Do we really want to be long smokes?
Dunno... just saying.
Plenty of support zones from fibonacci levels, trend lines, and previous resistance.
I'm expecting pot stocks to generally remain bullish for 2021, just look for healthy corrections from time to time like I've illustrated here.
$8.50 might trigger a lot of stop losses so keep an eye out if we get to those levels.
Cron Long position. After a retrace suprassing 0.618 a retest of support is underway. A close above entry opens up Fib extensions to 17.30 Target. Previous high is current target before a move up.
CRON has recently had a bullish upward trend and has since been consolidating forming a flagging formation. The marijuana sector looks bullish right now, and i can see this setup breaking out of the flag up to the 11.25 range.
