CRON is the clear lead bear of the major names in the sector, not even trying for a bear flag of consolidation, preferring instead to continue a slow bleed down. We will eventually see a bounce, anything under 11.99 will be a lower high and I would not be surprised if the bulls were not even able to penetrate the middle bollinger band. Since losing the RSI...
WEED on the daily timeframe left a bearish dark cloud candle and a possible bear flag pattern. Increasing bear volume is a concern for the bulls. We are still within our larger daily pennant but that pattern will break bearish if we lose 57.60. The hidden bullish divergence on the daily chart will be less likely to play out with the loss of this level as well....
TGOD daily chart is weak, similar to Aphria with a convincing bear flag pattern printing. Bulls could only break high of yesterdya by 3 cents before immediately rejecting and pulling back. Daily RSI level is right up against a downtrend line; bulls are going to need some volume to break the high of today and to break through that RSI downtrend resistance in...
APH has a similar setup to CGC and WEED but is far weaker; Canopy has seen enough of a bounce and a moderate enough pullback to potentially see continuation of the oversold bounce, but Aphria doubletopped at the high of yesterday (breaking by only 2 pennies) and had a much more aggressive pullback today. Both Canopy and Aphria are potential bear flag patterns on...
ACB saw a gap up and profit taking, forming a daily lower high right within the range I was anticipating. The daily chart is going to break Friday, and if not Friday, then Monday by way of the American ticker ACBFF, making the break Tuesday when the Canadian market reopens after Thanksgiving. The daily printed a bearish dark cloud cover candle. The key daily...
CGC on the daily timeframe left a bearish dark cloud candle and a possible bear flag pattern. Increasing bear volume is a concern for the bulls. We are still within our larger daily pennant but that pattern will break bearish if we lose 44.90. The hidden bullish divergence on the daily chart will be less likely to play out with the loss of this level as...
In a significant development in the overall market today, the S&P500 lost its daily uptrend for the first time in three months with the loss of 289.41. Yesterday rejected from the upper bollinger band, only to find support on the lower bollinger band today. We've seen bearish divergence on the MACD and RSI developing since August, and what we see now are...
APH once again held key support, making 15.76 a very important range to watch in the coming days and weeks. Bullish reversal candle on the daily, and a daily inside bar, bulls want first thing tomorrow to break the high of the day 17.26. There's a support at 16.68 but price hasn't bounced enough from that level to convince us that's the new hourly higher...
Just an update to my WEED idea from earlier this evening, all of which still applies. A friend of mine has pointed out that WEED is forming some hidden bullish divergence on the daily chart . Our RSI and MACD oscillators are hitting lower lows, while the price hits higher lows. We still need an hourly higher low, so if the chart can break the daily MA20 and the...
Just an update to my CGC idea from earlier this evening, all of which still applies. A friend of mine has pointed out that CGC is forming some hidden bullish divergence on the daily chart. Our RSI and MACD oscillators are hitting lower lows, while the price hits higher lows. We still need an hourly higher low, so if the chart can break the daily MA20 and the...
I just typed up a big analysis and deleted it, so here we go, round two! Bulls today were in full control printing a bullish engulfing candle on the daily. Anything under 12.95 is a lower high on the daily, and I anticipate that to be set around $12.75. I would be very impressed if the bulls were able to break $13.00 psychological first thing tomorrow. The...
I'll readily admit today took me completely by surprise. I studied numerous charts last night and came to one conclusion - the sector would not have a bounce today because WEED's 4hr RSI was not low enough; it was only 32, when generally bounces happen from 27 or lower. WEED opened the day with multiple rejections from the high of CGC premarket, then saw a bear...
I'll readily admit today took me completely by surprise. I studied numerous charts last night and came to one conclusion - the sector would not have a bounce today because CGC's 4hr RSI was not low enough; it was only 32, when generally bounces happen from 27 or lower. CGC opened the day with multiple rejections from the high of premarket, then saw a bear break...
WEED broke the daily equilibrium bearish today and closed down 6.5%. A small bounce at the end of the day cooled off RSI levels and we're no longer oversold on any timeframe. I was looking forward to an oversold bounce tomorrow but after hours trading further cooled off RSI and finished trading in a bear flag setup. Two daily supports were broken today, after...
APH gapped down today, filled the gap, then turned around and never looked back. I held a short most of the day today and covered it a little early just under $16.30. Support at 15.76 held by two pennies. APH saw such a significantly bearish day because after losing 18.57 last week, the next support was 15.76 - a full 18% below. We're at the point where we can...
ACB held up very well today in the face of across the board sector weakness. 11.21 support is key to save the daily uptrend; I do expect that level to hold and I would then look for a tightening daily range and a lower high relative to 12.95. Volume offers no real red flags but RSI has broken support and shows the first signs of bearish divergence. ACB offers a...
CGC broke the daily equilibrium bearish today and closed down 6.5%. a small bounce at the end of the day cooled off RSI levels and we're no longer oversold on any timeframe. I was looking forward to an oversold bounce tomorrow but after hours trading further cooled off RSI and finished trading in a bear flag setup. Two daily supports were broken today, after...
APH bulls had a gift this morning with a gap-up open breaking the hourly downtrend, and re-confirmed the hourly downtrend by giving back the entire move back, barely holding the low of Friday by 5c. The bulls couldn't even muster a small push up after opening bell, leaving the bears in full control and the opening price as the high of the day. The range I'm...