SNDL a MJ penny stock in reversal from trend down LONG

Updated
SNDL is shown on a weekly chart with a volume profile and VWAP band lines anchored back

three years. Perhaps due to recent news of potential federal legalization or other catalysts

SNDL is now above its pivot low. The EMA cloud ( periods 7, 21 and 42) is now green as

lines converged into a zero slope and are now rising. Price is now approaching the first lower

band line and will thus enter the fair value zone above the undervalued zone. A reasonable

target is 7.0 where the POC line of the volume profile is confluent with the black mean VWAP

line. The is more than 100% upside and will not occur quickly. Price may get spikes with

marijuana-related news along the way. A sign the trade is going bad is if both the faster green

RSI line and the slower black RSI line both go below the 50 level. The stop loss will be

at 1.86 below the EMA cloud. Accordingly. the risk is $0.50 per risk. If only $100 is to be risked

the trade can be 200 shares. Risk is off when price rises to $2.85 and the stop-loss is adjusted

to the entry price. Beyond $3.00, the stop loss can be adjusted to a trailing 10-15% or the

ATR. I see the last weekly candle as a Doji and so consolidation and price consensus making for

a best entry.
Note
240 minute chart Zoom:

snapshot
Trade closed manually
Slight loss and overall closure of the position.
Note
Looking for a re-entry when a support level is found.
ACBFLGCmjmjstocksMoving AveragesOGISNDLTLRYVolume

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