CRON remains in a tightening and choppy 4hr range - if we can break bull on big volume we're looking back up at higher resistances and potentially testing our all time high. Bulls must defend $25.00 support from here
Hi, having trouble with the hotel wifi as I'm on vacation skiing in beautiful Lake Louise AB so I'm not doing videos tonight. CRON's hourly setup is looking pretty good, having broken a resistance level and now setting a higher low on the hourly. Bulls need to break 27.31 first thing tomorrow to try to make their way back up to recent highs, a failure to do so...
Current Pos: Short Apr18 $20 USD puts. Scaled down to 1/3 Position Friday Close.
Idea: Locked in profits from Short in case of bullish ACB earnings (Guide down could pull an AAPL). if ACB bullish, looking for bounce to play weekly calls intraday. Will reload puts on strength, any rally likely to fade going into CGC earnings. Still a good chance this runs into CRON...
CRON looks like it wants to break out. With set ups like this I either look to buy on a pull back into support for a pre break out buy or will I sell into parabolic breakouts at the 1.27 inversion.
Please note I am a short term trader.
Keep in mind this is the Canadian chart. Possibility for new highs at $20, but likely falling to $8. PE > 250, production is inadequate; and most importantly, the technicals aren't there for a sustained pump.
Slightly overbought on the Daily and near the top of the channel. CRON is getting ready for a large pullback.
I will be looking to buy in the $12 range which would start forming a nice equalizing pattern, though it will largely depend on what the indicators look like at that time.