Cresco Labs Analysis 12HR
Hello Everyone,
With President-elect Joe Biden set to take office in the new year, marijuana stocks may gain some positive momentum.
My prior analysis back in June of this year predicted a consolidation followed by a breakout (see below). It now seems price has entered a more bullish territory. Now may be a time to consider additional long positions.
On the 12HR price chart, price appears to have just completed a 5-wave impulse upwards. Price is also nearing the top of the ascending channel it has been following. Following a correction wave back to the bottom of the ascending channel, another impulse may occur. Entry consideration would be considered when price descends back to the bottom of the ascending channel which also coincides with the .618 Fib-Level.
Thanks for reading and please do your due diligence before entering trades.
*This is not trading advice but my analysis of the market place*
With President-elect Joe Biden set to take office in the new year, marijuana stocks may gain some positive momentum.
My prior analysis back in June of this year predicted a consolidation followed by a breakout (see below). It now seems price has entered a more bullish territory. Now may be a time to consider additional long positions.
On the 12HR price chart, price appears to have just completed a 5-wave impulse upwards. Price is also nearing the top of the ascending channel it has been following. Following a correction wave back to the bottom of the ascending channel, another impulse may occur. Entry consideration would be considered when price descends back to the bottom of the ascending channel which also coincides with the .618 Fib-Level.
Thanks for reading and please do your due diligence before entering trades.
*This is not trading advice but my analysis of the market place*
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