CGC Key Levels| Weekly Support| Lower High| Low Volume
Evening Traders,
Today’s Technical Analysis will be on CGC, bouncing of its all-important weekly support, currently facing resistance from the 21 EMA. It must break daily support, or this is simply another lower high.
Points to consider,
- Macro trend bearish
- Weekly support respected
- Daily resistance is a key level
- RSI coming of oversold
- Stochastics projected up
- Volume below average
- VPVR Flat
CGC has been putting in consecutive lower highs on its macro time frame, a strong established bear trend. Weekly support held promptly, a sign of being a true trade location.
Daily resistance needs to break for a confirmed trend change, failure will simply mean a lower high.
The RSI is coming of oversold conditions, will most probably return to its neutral zone. Stochastics on the other hand still has momentum stored to the upside.
The current volume is below average, CGC needs an increase in bull volume to test daily resistance- it is looking quite weak at current given time.
VPVR is currently flat, means low volume of transactions at current range, CGC could trade in this region for a while.
Overall, in my opinion, CGC needs to break daily resistance, failure will simple mean yet another lower high, thus lower price levels likely.
What are your thoughts?
Please leave a like and comment,
And remember,
“Trading doesn't just reveal your character, it also builds it if you stay in the game long enough.”
― Yvan Byeajee
Today’s Technical Analysis will be on CGC, bouncing of its all-important weekly support, currently facing resistance from the 21 EMA. It must break daily support, or this is simply another lower high.
Points to consider,
- Macro trend bearish
- Weekly support respected
- Daily resistance is a key level
- RSI coming of oversold
- Stochastics projected up
- Volume below average
- VPVR Flat
CGC has been putting in consecutive lower highs on its macro time frame, a strong established bear trend. Weekly support held promptly, a sign of being a true trade location.
Daily resistance needs to break for a confirmed trend change, failure will simply mean a lower high.
The RSI is coming of oversold conditions, will most probably return to its neutral zone. Stochastics on the other hand still has momentum stored to the upside.
The current volume is below average, CGC needs an increase in bull volume to test daily resistance- it is looking quite weak at current given time.
VPVR is currently flat, means low volume of transactions at current range, CGC could trade in this region for a while.
Overall, in my opinion, CGC needs to break daily resistance, failure will simple mean yet another lower high, thus lower price levels likely.
What are your thoughts?
Please leave a like and comment,
And remember,
“Trading doesn't just reveal your character, it also builds it if you stay in the game long enough.”
― Yvan Byeajee
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