CANN - Head and Shoulders or Cup & Handle on a weekly chart??
Updated
This trade is somewhat more complex for my taste with a number of different short term and long term plays.. However, the overall trade is to the long side based on the weekly and daily charts.. As you all know, this is purely speculative based on the chart pattern..
What started out as a short term trade has now shifted to a long term trade.. I entered very early at 1.25 on Nov. 7th with a tight exit around 1.10 for a short term trade to 1.80 area.. Then, I started to explore the chart in more depth and found what I liked on the weekly.. It seems a head and shoulders or cup and handle could be taking shape.. Either way, a bottoming formation could be in route.. I would have liked to have added more to my position, but recently, the stock has moved up so much and so fast that I'm going to wait.. I think the chart explains it all, so please share your feedback or insights.. Thanks!!
What started out as a short term trade has now shifted to a long term trade.. I entered very early at 1.25 on Nov. 7th with a tight exit around 1.10 for a short term trade to 1.80 area.. Then, I started to explore the chart in more depth and found what I liked on the weekly.. It seems a head and shoulders or cup and handle could be taking shape.. Either way, a bottoming formation could be in route.. I would have liked to have added more to my position, but recently, the stock has moved up so much and so fast that I'm going to wait.. I think the chart explains it all, so please share your feedback or insights.. Thanks!!
Note
I sold about a third of my position at 5.00 two days ago.. I'm watching to see how far it pulls back and reevaluate whether to add more or hold or sell..Note
I wasn't able to pick up any on the pull in under 3.00 because the bounce back move was so fast.. Instead, after selling a third of my position at 5.00, I just held the rest of my original position and sold about half at 10.03, which was my optimistic measure move. I have about 25% of my original position left.. I will wait and see what to do with the rest because at this point, there is no more risk on the table after netting about 400% of my original investment.. This stock has far surpassed my expectations and in a short amount of time..
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