Could do with some more volume, but broader market sentiment appears to be changing. With the HEXO's, CTST's, TGOD's and the likes, in turmoil, I suppose it is scary to stay true to your thesis. CRON is one of the potential long term winners, and even though it is trading at a ridiculous multiple, it is currently above resistance.
If we look at the hourly chart, we see a short term Cup & Handle emerging, and we're currently looking at a beautiful Bull Flag. If we look a bit broader, we see that the current Cup & Handle are part of a larger W pattern, which in this case seems to have started to form at the temporary bottom.
I was hoping that CRON would close the week above $9.30, but with peers just leisurely laying off hundreds of workers, I suppose it is impressive that she stayed above resistance on a typical low volume Friday. Indicators do show a good underlying strength. I'm looking for a test of the lower $10 levels next week, so that we soon may seen CRON attempt a double top, or even a higher high.
What are your thoughts?
If we look at the hourly chart, we see a short term Cup & Handle emerging, and we're currently looking at a beautiful Bull Flag. If we look a bit broader, we see that the current Cup & Handle are part of a larger W pattern, which in this case seems to have started to form at the temporary bottom.
I was hoping that CRON would close the week above $9.30, but with peers just leisurely laying off hundreds of workers, I suppose it is impressive that she stayed above resistance on a typical low volume Friday. Indicators do show a good underlying strength. I'm looking for a test of the lower $10 levels next week, so that we soon may seen CRON attempt a double top, or even a higher high.
What are your thoughts?
Note
In the broader picture, we could see a quick flirt with the 50MA. Other longer term resistance lines could pose challenges...Note
Ah well, it was nice while it lasted.
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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.