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Massive Short Squeeze in CanopyCanopy is on fire today, and is up 20% plus on the week, off the back of optimism over the possible decriminalization of Marijuana in the United States. Last night at the Vice Presidential Debate, Kamala Harris made mention of the dems plan to bring this to fruition, should they win the election in November. This has the entire sector hot today, without exception, as one can expect. It looks as though we may hit the 200 day MA at 23.30 this week before we see profit taking, and the shorts re-entering. It's also important to note that we're nearing major resistance with the top of the downward channel a stones throw away. I suspect we may see a reversal of the squeeze next week once the bulls have achieved these levels. If there's enough momentum to pierce the upper downtrend line, and the 200 day MA, the upside could be massive, particularly seeing as earnings are not until early November. We shouldn't rule out the possibility of a broad market sell off, given the high number of potential catalysts floating around at the moment. This could heavily affect Canopy's price action, and the positive sentiment around it's valuation. I appreciate your time today guys. Thanks, Michael. If you like our analysis, please hit the Like button and subscribe to our profile so you don't miss our new analysis and updates. The information and analysis shared in this post is not financial advice. Always conduct your own analysis and research.
TSX:WEEDShort
by Hedge_Of_The_World
2
EURJPY Rising Wedge|Local S/R|.618 Fibonacci|Bearish DivergenceEvening Traders, Second Analysis – EURJPY – trading in a rising wedge formation where a breakdown is probable. Points to consider, - Price Action Bearish - Local S/R Resistance (.618 Fibonacci Confluence) - 200 MA immediate support - Oscillators Divergence - Volume Declining EURJPY’s immediate price action is bearish, trading in a rising wedge; this allows us to have a bearish bias on the market. Local S/R is current resistance which is in confluence with the .618 Fibonacci; price action is likely to respect this level upon first test. The 200 MA is immediate support, breaking this bearish will make the next trade location the 200 EMA which is in confluence with the .382 Fibonacci. Both oscillators have a valid bearish divergence, this is indicative of momentum shifting in the immediate term. Overall, in my opinion, EURJPY is a valid short with defined risk; price action is to be used upon discretion/ management of trade. Hope this analysis helps Thank you for following my work! And remember, “Win, loss whatever emerges in the short-term, place and manage your next trades untouched, unattached... always keeping your eyes on the long-term picture.” ― Yvan Byeajee
Short
by AzizKhanZamani
2
NZDJPY Daily S/R| Dynamic Support|Liquidity|200MA|Price ActionEvening traders, Second analysis – NZDJPY – rejection from Daily S/R currently trading in a small equilibrium with the dynamic support being the immediate target, Points to consider, - Macro Trend Bearish - Daily S/R Resistance - Dynamic Support Confluence (200 MA) - Oscillators Divergence - Volume Declining The macro trend is bearish with consecutive lower highs, price is currently establishing a probable bearish retest. This allows us to have a bearish bias on the market. The Dynamic support is the immediate target as this area has technical confluence with the 200 MA & EMA. Price is likely to test for liquidity in this region before a probable impulse up. Both oscillators are diverging, technical bearish divergence; this shows weakness in the market as price fails to break daily S/R. Overall, in my opinion, NZDJPY is a valid short with defined risk. Price action is to be used upon management/ discretion. Hope this analysis helps! Thank you for following my work! And remember, “The expectation that you bring with you in trading is often the greatest obstacle you will encounter.” ― Yvan Byeajee
Short
by AzizKhanZamani
2
ONTUSDT Local Double Top| 200 MA| Bearish Retest| Daily S/R Evening traders, Second analysis – ONTUSDT- a bearish retest likely to form with the immediate target Daily S/R, Points to consider, - Trend ranging - Daily S/R (support) - 200 MA Resistance (bearish retest) - Resistance confluence - Oscillators divergence - Low volume ONTUSDT’s intimidate trend is ranging between two key levels. Breaking either will be indicative of the trend direction. The Daily S/R is the immediate support (bottom of the range), price is likely to respect this area as it is the base of the bullish engulfing. Dynamic support has been breached, now acting as resistance with the 200 MA and bearish price action being in confluence, price is likely to establish a bearish retest here. Both oscillators are below 50, this indicates weakness thus further downside probable before oversold conditions. The current volume is below average, an influx is likely when key trade locations are tested. Overall, in my opinion, ONTUSDT is a valid short targeting Daily S/R. Price action is to be used upon discretion/ management of trade. Hope this analysis helps! Thank you for following my work! And remember, “Environmental distractions and boredom cause a lack of focus – All of us have limits to our attention span and these are easily taxed during quiet times in the market.” Brett Steenbarger
Short
by AzizKhanZamani
4