Long update (TSX)looks to be potentially breaking out of a few month downtrend. lagging other cannabis stocks. trigger: 9.39 to add $CGC $CRON $MJ
CRON
CRON chart potential breakout candidateLooking at CRON as a potential breakout candidate, based on the chart and recent action in the Marijuana sector
Comparing US MJ stocks to Canadian MJ for Oct 17First day of legal sales in Canada is Oct 17 (AFAIK) so comparing to the first day of legal sales in Colordo (1 Jan 2014) is a good idea.
Green line here shows the week of legal sales. Price ran up into it (similar to the action we're seeing in CANNMJ now ) and it didn't stop once sales started.
This is for all the bears in the Canadian MJ space. Watch out.
$CGC $WEED $CRON $APH $ACB $TGOD $TLRY
STF Cronos Group INC / CRON short. Time for a cool down.Cronos has performed great, especially today amid a minor weed stocks sell-off but the chart is showing signs of exhaustion and fundamentally it is over-priced for its sector, despite being one of the few making money.
FA
Horizons cannabis fund $HMMJ and $MJ will begin re-balancing around September. I predict some of CRON will be sold-off to maintain weighting.
Weed stocks are all "over-priced" and the recent cannabis supply agreement in Canada may mean further government supplied products hitting the market.
TA
RSI's both show over-bought.
Big gap up followed by lower volume.
Sold $5.58 Yesterday for 3% loss. Re-Entering TomorrowRisky swing trade, but I think this reaction is just panic selling from the news yesterday. A lot of people are holding a bag right now, so when the news hit they freaked out. A lot of new traders attracted to weed stocks. It was also hovering around $3.00 before they made all those acquisitions
The volume was unspectacular relatively speaking. Funds have already unloaded a lot of stock at this point, which you can see on the two big volume days that happened just recently -- one day for 30 million, the other 20 million.
Like the risk reward. I may hold, but if I'm up nicely, I might sell too. Depends on a lot of factors whether I hold.
Buying the dip or the open depending on the price action. Will be scaling into my position nonetheless. If it closes strong, I'll fill. No buy half this time, filling the whole thing today
Channel or TriangleI'm Optimistic that CRON will follow the channel Up & not fall out of the triangle.
Welcome all thoughts on this ..
The $CRON -ic is here to stay (Canada legalization)2018 is the year of legal weed in canada; listed on NYSE a few weeks ago as well so us americans can get some decent exposure too without having to fuss with the TSX or OTC nonsense.
I see a breakout of the ichimoku cloud, a fractal breakout being called by williams trader beta, and also a trend breakout.
Wouldn't surprise me if we dip and test the pennant again before we go up..
Decent RR here 3.5:1 (manage your risk accordingly)
GL HF
xoxo
snoop
CRON in control of its destiny06/21 - $7.73 is a crucial pivot point,
needs to break this current resistance
with volume support,
to move north
It formerly broke the blue wedge for a nice gain, purple wedge is poised to be broken...will it continue to play inside the wedge with lesser bull AND bear volume, leading to consolidation? Usually, not always, usually this allows the stock to flex north.
Currently, we see increasing bull volume pushing the price up to purple trending resistance. The bull candle has no lower wick, meaning no haggle on price, and the upper wick expresses confidence in the current stock price. $7.73 pivot point is crucial in that this price is where the stock broke outward and upwards, other times in history we see this price being too much for this stock to break through. Remember, stock brokers/investors will always look to the past to determine current price. This is why charting your resistance and support lines are essential in formulating an educated guess, because that's what stocks are, an educated guess.
*Let's see what happens!!*
DISCLAIMER - I am not a professional investor. These charts and ideas are merely my opinions. Please seek a professional for all your investment needs.
CRON - Wait and See...CRON is in a Bull Pennant formation and could go either way. News is big factor with weed stocks right now. Legalization has been delayed, prices are going sideways. If this breaks up, looking at $15 for resistance at ATH's. If Pennant breaks down then green box is the buy zone.
wait for the Hodam end Eve memetic greenboxmemetic entry.
we may see a bounce in the upcoming week but got to be superpicky on entries in this bear market.
Stoplosses, liquidations, short orders, this green box is a good buyzone. perhaps.
If it doesn't happen I don't long. if it does not reject price cut fast.
Long CRON Swing TradeNASDAQ:CRON has been consolidating in this range for months now, creating a very noticeable Bullish Triangle.
Will be looking to enter at around $5.75 (triangle support).
Possible Outcomes:
- Triangle Breaks and follows thru to +- $8 area with a huge profit of +40%.
- Triangle fails to break , we fall back to the $6 (would sell before going bellow $6.30) where we sell for a small profit or breakeven. Do not hold on and make this a losing trade.
Share your opinion, comments and questions. Good Luck!
Risk Level: High.
I will keep updating this post.
$Weed Triangle break out and Fib levelsTriangle break out and Fib levels, $33.60 is Fib level .382 , RSI not overbought on daily, so it could run another day here. 3rd senate reading June 7th. ACB bought Leaf for 3 billion. Look for higher low to form, then enter if you are not in yet.
CRON bounces off support hard.After taking a tumble, hoping for it a bit sooner, we can see that TSXV:CRON has bounced off support just north of the 61.8% Fibonacci retrace. This and strong buyer volume, leading to a strong close at +12.41%, with a green candle with no top shadow. There may be a bit of resistance and possibly slight pullback at ~11.74, but if volume stays the way it does, I can't see it being a problem. What we would like to see happen is for it to pop above that resistance line and close in the next re-trace zone, allowing us to turn the resistance into support, consolidate along or above and possibly think about looking at a new uptrend.
