CGC trade from bounce at fib level LONG
Updated
CGC fell in a standard Fibonacci retracement of 3 week trend up from Mid-March. News of
an application to issue a new class of shares may as well be considered a dilution of current
shareholders. CGC is 5 days away from National MJ Day of the 20th. I expect a further
pullback into the 0.618 level given the fundamental news but CGC could rally on trader interest
regarding the notable day. My trade plan is to buy a pullback if and whne it finds support at
6.15 and then enter long seeking the target of 7.95 which would be a Fib 0.5 retracement of
the trend down. I will look at other MJ stocks as well.
an application to issue a new class of shares may as well be considered a dilution of current
shareholders. CGC is 5 days away from National MJ Day of the 20th. I expect a further
pullback into the 0.618 level given the fundamental news but CGC could rally on trader interest
regarding the notable day. My trade plan is to buy a pullback if and whne it finds support at
6.15 and then enter long seeking the target of 7.95 which would be a Fib 0.5 retracement of
the trend down. I will look at other MJ stocks as well.
Trade active
CGC has a sideways day today but highly volatile with both an intraday short tradeand then a long trade on the reversal.
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