CGC/WEED is moving toward previous resistance, $64-65 has been the territory of many false breakouts. This recent catalyst that reversed the downtrend may allow it to move past previous resistance, Merill Lynch initiated coverage of CGC/CRON/ACB, also at the same time CGC bought Acreage Holdings which was 3.4 billion dollar acquisition.
This was a big catalyst...
ACB is starting to waiver as it approaches support and it's next test will be the final one for the trend. If it breaks here we're moving into a bearish move. However it could also hold and move higher the market does seem to be fading. The odds of a bearish move are picking up. I'm going to engage in a PUT position against ACB.
Buying 4x PUT EXP May 17 Strike 11...
I bought a Vertical Put Spread at $200
Spread is exp May 17 Strike 42.5/37.5
max profit is $300 if exp below $37.5
CGC has been fading as it drags lower due to investors being torn between ACB and CGC.
Symmetrical triangle didn't work out as there was 3-4 false breakouts which moved it lower in the end through 60 support.
This is a support/resistance...
Ascending Triangle. I drew a symmetrical triangle here a month ago didn't work out. Seems like there wasn't enough power to push it up.
The recent FED meeting pushed the SPY to new limits. Everyone is very bullish now.
Canopy may push through to new highs within the next week.
Buying a few calls to go for it.
Canopy short as ACB steals participants from CANOPY GROWTH, the stock is starting to slow down.
If the SPY becomes bearish over the next 2 weeks and retraces or even without this motivation it may start to become more bearish as more investors move to ACB because it's rallying. On the flip side Canopy may also rally as ACB drives the market higher but the move...
NVDIA Breakout may occur after more recent news of their new data center position.
Double the volume coming in. Maybe break out from this range and move to fill the previous gap.
Target is going to be $180.
Call cost $7.15 Delta 0.51
162.5 strike EXP April 12, if price drops back down to $155 I will remove the option as breakout will be a false breakout and...
EOG - Oil sector is down,
EOG broke support. Trends against market and is also more bearish and market. I presume it will try and find support at next level shown on chart.
I bought 1 Put option at $3.35 Target is $83 or lower.
ACB breakout is forming, Ascending triangle pattern
So far the marijuana market has been dragged down by the SPY with analyst upgrades on ACB it's pulling in a lot of investors.
If the SPY recovers from this point even for a brief period of time we may be heading back up to $13-14 levels.
LYB is about to break out of its range its been bouncing between this $84-90 range since Jan 4th.
It's about to break out. Price target is $96.
Call Option April 12th EXP, Strike $90.
Possibility of a false breakout. Contract will be sold if it reaches $88.
Otherwise aiming for target of $96.
Possible interference from the SPY as it may cancel the rally if...
After a few weeks of watching canopy and trying to short it. I've become convinced its going to produce a similar breakout from the previous rally.
Jan 9th > The first breakout started. Support began then the crowd started to rally and it produced substantial gains for longs leading into the next congestion phase.
Jan 14 - Jan 24 > The Bull flag congestion...
Re-test of $25 is coming. Lets see if it penetrates.
Double top formed after CGC ER catalyst move.
Great short entry at $24.80 if confirmation wanted and a more aggressive strategy at this level toward $25 if fade strategy is in play.
I am shorting 200 shares at 27.32 holding till $25 to fade if it breaks through I'll add. Stop is at $27.60.
Possible Swing trade leading to support at $56. Small position.
Journal entry. Stop at 62 $80 loss.
I will wait to see how it responds to $56 if it bounces I'll change direction and go long if it fails add to my position
40 shares only if it passes support adding 100.
Testing smaller positions based on right sizing my trade against the average range from...
WEED.TO has been running on positive sentiments and news of hemp production in New York. They are currently holding strong in a consolidation pattern.
A bull flag will be completed if it runs passed 60 with any amount of decent volume. Buyers are not letting up and they're not letting go of any shares.
If 60 doesn't break it will retrace and retest 54-55...