Canopy WeedCanopy is retracing downward to find support.
This is too textbook not to hypothesize about. I just had to do it, too many things are aligned.
1. We can see the market structure (and respect) in the demand zone. (i.e. arrows)
Support & Resistance.
2. There is also alignment with 1.0 and 1.618 Fibonacci extensions.
3. This is all respected with a bullish and bearish trend line.
I know a lot of people would buy the demand zone but I like to take the low-risk approach and buy the breakout instead,
thereby I will also verify my hypothesis, though only after waiting to verify that the breakout level is respected.
Thereafter I would probably hold, only to sell at 63-64 CAD (where there is a 1.618 Fibonacci extension of the greater trend)
Happy trading.
