CRLBF Key Resistance | Trend Reversal?
Hello Traders!
Today’s chart update will be on CRLBF – CRESCO LABS INC, potential trend reversal if local resistance is broken. Price is building up near resistance, is a break imminent?
Points to consider,
- Trend bearish, attempting a higher low
- Support provided by the EMA’s
- Local resistance being tested
- Stochastics projected upwards
- RSI respecting support line
- Bear volume decreasing
- VPVR spikes in volume, confluence with Fibonacci Retracement and Extension levels.
CRLBF right now is attempting to break local resistance, a key level in the trend, when if broken will confirm a trend reversal as this will put in a local higher low.
Support is currently being provided by the EMA’s, there has been a bull cross, price is holding near resistance (build up), this signals strong buy pressure which increases the probability of a breakout.
If a breakout was to come to fruition, the technical target will be at structural resistance; this area is of heavy confluence as it is a key technical level. We have the Fibonacci retracement, .50 level; in confluence with the Fibonacci extension level 1.414. A test up to and retracement from structural resistance will put in a healthy higher low for the overall trend.
The stochastics is currently projecting upwards; momentum is stored for a breakout. However a rejection from current area will have the stochastics in favour of the bears due to more downside room.
The RSI is respecting its trend line, needs to hold for a breakout to come to fruition, it is currently trading in neutral territory, we are not in extreme overbought/sold regions as of yet.
Bear volume is visible decreasing, we can see strong bull volume in current level, this signals that buying pressure is greater than selling pressure; bulls have a greater probability of breaking out from here.
The VPVR is quite interesting, its cluster of transactions increases near structural resistance. This level is a very good technical target for CRLBF, due to confluences from the Fibonacci Retracement Level .50 and the Fibonacci Extension level 1.414.
In other words the more technical confluences within an area, the more significant that area will be once tested.
Overall, IMO, CRLBF is probable to reach its technical target due to strong bull volume near resistance. This will allow the stock to put in a higher low, changing the overall market structure…
What are your thoughts?
Please leave a like and comment,
And remember,
“Trade What’s Happening…Not What You Think Is Gonna Happen.” – Doug Gregory
Today’s chart update will be on CRLBF – CRESCO LABS INC, potential trend reversal if local resistance is broken. Price is building up near resistance, is a break imminent?
Points to consider,
- Trend bearish, attempting a higher low
- Support provided by the EMA’s
- Local resistance being tested
- Stochastics projected upwards
- RSI respecting support line
- Bear volume decreasing
- VPVR spikes in volume, confluence with Fibonacci Retracement and Extension levels.
CRLBF right now is attempting to break local resistance, a key level in the trend, when if broken will confirm a trend reversal as this will put in a local higher low.
Support is currently being provided by the EMA’s, there has been a bull cross, price is holding near resistance (build up), this signals strong buy pressure which increases the probability of a breakout.
If a breakout was to come to fruition, the technical target will be at structural resistance; this area is of heavy confluence as it is a key technical level. We have the Fibonacci retracement, .50 level; in confluence with the Fibonacci extension level 1.414. A test up to and retracement from structural resistance will put in a healthy higher low for the overall trend.
The stochastics is currently projecting upwards; momentum is stored for a breakout. However a rejection from current area will have the stochastics in favour of the bears due to more downside room.
The RSI is respecting its trend line, needs to hold for a breakout to come to fruition, it is currently trading in neutral territory, we are not in extreme overbought/sold regions as of yet.
Bear volume is visible decreasing, we can see strong bull volume in current level, this signals that buying pressure is greater than selling pressure; bulls have a greater probability of breaking out from here.
The VPVR is quite interesting, its cluster of transactions increases near structural resistance. This level is a very good technical target for CRLBF, due to confluences from the Fibonacci Retracement Level .50 and the Fibonacci Extension level 1.414.
In other words the more technical confluences within an area, the more significant that area will be once tested.
Overall, IMO, CRLBF is probable to reach its technical target due to strong bull volume near resistance. This will allow the stock to put in a higher low, changing the overall market structure…
What are your thoughts?
Please leave a like and comment,
And remember,
“Trade What’s Happening…Not What You Think Is Gonna Happen.” – Doug Gregory
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