Updated
CGC - where to now?
I'm still on the sidelines with this stock. I was changing diapers when it touched support and moved higher, so I figured to wait and see if I like the setup for a position on the retrace that is guaranteed to come.
What cause last week's rally? US news on CBD regulations? OGI's meager results? Short squeeze, options expiring? Who knows. Smart money buying wasn't among the reasons though, and that should tell us something...
Sure, we're afraid to miss out. Emotions. Lets look at this rationally: Decreasing volume!
I'll pass for now, and see what happens when it retests the lower support. A bounce there could see me buy for a quick run op to resistance where I'd sell. Unless it break $26 with substantial volume . I'm absolutely not going long with this one though. Earnings due in just 3 weeks. We could very well still see a retest of the $17.50 area, and if that gives, we'll see another test of the lower $13 ranges.
Lets see what the bulls can manage on Tuesday...
What cause last week's rally? US news on CBD regulations? OGI's meager results? Short squeeze, options expiring? Who knows. Smart money buying wasn't among the reasons though, and that should tell us something...
Sure, we're afraid to miss out. Emotions. Lets look at this rationally: Decreasing volume!
I'll pass for now, and see what happens when it retests the lower support. A bounce there could see me buy for a quick run op to resistance where I'd sell. Unless it break $26 with substantial volume . I'm absolutely not going long with this one though. Earnings due in just 3 weeks. We could very well still see a retest of the $17.50 area, and if that gives, we'll see another test of the lower $13 ranges.
Lets see what the bulls can manage on Tuesday...
Note
Looks like the top is in for now. Downside ahead. Earnings on top of that. Count me among the JOFO crowd. Joy of Missing Out!
🅱🄰🆁🅺🆆🄾🆁🆃🅷
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
🅱🄰🆁🅺🆆🄾🆁🆃🅷
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.