SNDL: The most important Key Points we must keep in mind!
Hello traders and investors! Let’s talk about SNDL again! Since our last study, it hit our target at $ 1.25 and it lost this price level, which now seems to be working as a resistance. If you missed our last analysis, the link to it is below this post.
Ok, SNDL didn’t react around the $ 1.25, and it retested it as a resistance, following the Principle of Polarity, and we have lower highs/lows in the 1h chart. What’s more, it seems we have a purple trendline guiding the past top levels, while the 21 ema works as a resistance zone as well. Probably the trendline and the 21 ema are the most important key points for both, short and mid-term.
All of this is a clear statement that the trend is still bearish, and we have yet to see a clear reversal pattern. Now, let’s see the daily chart:
The idea of an Inverted Head & Shoulders pattern still exists, but it gets weaker as the time passes and SNDL doesn’t trigger it. It did a Piercing Line pattern (as evidenced by the blue square), but if the price loses it’s low, then the $ 0.95 is the next target for it.
We must see a good reversal pattern in the 1h chart before we see it reversing in the daily chart as well, but it seems SNDL is in a very delicate situation and whatever if it is bullish or bearish, we’ll have our answer very soon.
Remember to follow me to keep in touch with my daily studies, and if this idea helped, please, support it with your like!
Thank you very much!
Ok, SNDL didn’t react around the $ 1.25, and it retested it as a resistance, following the Principle of Polarity, and we have lower highs/lows in the 1h chart. What’s more, it seems we have a purple trendline guiding the past top levels, while the 21 ema works as a resistance zone as well. Probably the trendline and the 21 ema are the most important key points for both, short and mid-term.
All of this is a clear statement that the trend is still bearish, and we have yet to see a clear reversal pattern. Now, let’s see the daily chart:
The idea of an Inverted Head & Shoulders pattern still exists, but it gets weaker as the time passes and SNDL doesn’t trigger it. It did a Piercing Line pattern (as evidenced by the blue square), but if the price loses it’s low, then the $ 0.95 is the next target for it.
We must see a good reversal pattern in the 1h chart before we see it reversing in the daily chart as well, but it seems SNDL is in a very delicate situation and whatever if it is bullish or bearish, we’ll have our answer very soon.
Remember to follow me to keep in touch with my daily studies, and if this idea helped, please, support it with your like!
Thank you very much!
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