Stuck below key resistance. Bearish divergence on all time frames.
A break higher would be very bullish. A break down would also be bullish, but would offer a better entry.
Cronos Group, Inc. engages in the production and distribution of cannabis. Its brands include PEACE NATURALS, COVE, Spinach, Lord Jones and PEACE+. The company was founded by Lorne Michael Gertner and Paul Rosen on August 21, 2012 and is headquartered in Toronto, Canada.
Just a quick trade idea that I put on recently. I sold $5 strike November '20 CRON puts for a credit of 0.86 on Tuesday afternoon. This trade yields about 21% within one month, unlevered, and the stock has to drop almost 40% before you start to lose any money. With this trade you are committing to buy CRON at a price of $5, should your option be assigned. This...
Revisited this count and finally saw this ending diagonal. I am cautiously bullish here. Breaking above the trend line (breaking above $7) would be extremely bullish.
Scaling in from $5.50
Stop loss at $4.90
Fantastic run up, and at the retest of upper resistance, made a higher high. I am currently leaning towards the bull side. We have just completed a wave 3 (or C), then made a higher high in a flat correction. Watch the levels closely, we could see continuation from here.
I really like how this looks here. We may see a retest of upper resistance and a break higher. If this happens, we would be looking at the blue impulse wave.
If it doesn't break higher, we would be following the red ABC, leading us down from here.
I am leaning to the bull side right now, but we need bulls on the ball on Monday.
Yesterday I posted that my bearish count was invalidated, and it was. Zooming out, looking for clarity, I see a falling wedge that still would need one more low to complete.
If you know about the falling wedge, it is an extremely bullish setup. If we see rejection at the trend line today, place your orders at the gap fills and hold on tight.
As for my count,...
Pot industry pumps on Harris comments during debate.
Breaching into the territory of wave 1 invalidated my bearish count. I'm switching to bull.
Currently looking for a break above $6 with large volume, or gap closes down below. The current move looks impulsive, but could just be a WXY followed by 5 waves down. If it is impulsive, we should see a small...
After suffering a 20% drop post earnings the stock has found support on the rising uptrend.
Bidens VP selection also adds to the sentiment swing towards legalization in the USA.
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CRON has come down into a support level and is also been extremely oversold in the short term. I'm expecting a short term bounce back to the $6 level. Typically a third test into support always forms some a bounce.
