Descending triangles tend to be bullish consolidation pattern. Confirmation will be achieved upon breakout of the triangle. Long positions would be promising to open in the range of $21-24 with a short term target of $30-31. Longer term we think this stock can go back to $100.
The bulls defended the lower boundary of the ascending triangle (for now). We are closely watching whether the price will break up or down at the upper boundary of the triangle. Upside target would be around $75 (then short for sure) or if rejected the bear target remains at around $35-37.
Although the bears were rejected at $45 and price has moved upwards again, the 1H chart seems to have formed a hidden bearish divergence. There's also potential for a crossover of the 200 and 50 EMA. I'm not convinced about the bull case just yet. A convincing break above $55 would change my mind.
The bears got rejected at $45 and price went back up to $49. It will be interesting to see whether the bulls get rejected at around $50 or not and then decide whether to short. It's possible that we're now looking at a head and shoulders pattern (price would first go to $54-55 before going down) or that it's an increasing triangle (we might break out to the top...
CGC has been rejected in the area $50-55 multiple times and has started to trend downwards. We can also see a decrease in volume and downward-trending RSI, which jointly indicate a bearish move. We bought some Oct 19 $45 Puts which should lead to 200-400% profit upon reaching of $34-36 in the next 1-2 weeks.