TGOD bear flag setup gives bulls little comfort
TGOD daily chart is weak, similar to Aphria with a convincing bear flag pattern printing. Bulls could only break high of yesterdya by 3 cents before immediately rejecting and pulling back. Daily RSI level is right up against a downtrend line; bulls are going to need some volume to break the high of today and to break through that RSI downtrend resistance in order to negate the bearflag. A break of 5.92 will confirm the bearflag. If the bulls do find continuation of the bounce, anything under 7.31 will be a lower high.
Key daily levels - 5.92 - 6.43
Zooming into the 4hr chart we don't see a very optimistic picture whatosever - sideways consolidation doing nothing except cooling off the RSI potentially in advance of another leg down. Our 4hr higher low in the equilibrium is at 6.00, if we lose that level we will likely break the daily support as well.
Be aware there is market correlation between the mj sector with the S&P500, and keep in mind that SPY lost the daily uptrend today. It's often said that high tides raise all boats; likewise, low tides can beach all ships.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
Key daily levels - 5.92 - 6.43
Zooming into the 4hr chart we don't see a very optimistic picture whatosever - sideways consolidation doing nothing except cooling off the RSI potentially in advance of another leg down. Our 4hr higher low in the equilibrium is at 6.00, if we lose that level we will likely break the daily support as well.
Be aware there is market correlation between the mj sector with the S&P500, and keep in mind that SPY lost the daily uptrend today. It's often said that high tides raise all boats; likewise, low tides can beach all ships.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
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.