CRON - Cup & Handle or W PatternCould do with some more volume, but broader market sentiment appears to be changing. With the HEXO's, CTST's, TGOD's and the likes, in turmoil, I suppose it is scary to stay true to your thesis. CRON is one of the potential long term winners, and even though it is trading at a ridiculous multiple, it is currently above resistance.
If we look at the hourly chart, we see a short term Cup & Handle emerging, and we're currently looking at a beautiful Bull Flag. If we look a bit broader, we see that the current Cup & Handle are part of a larger W pattern, which in this case seems to have started to form at the temporary bottom.
I was hoping that CRON would close the week above $9.30, but with peers just leisurely laying off hundreds of workers, I suppose it is impressive that she stayed above resistance on a typical low volume Friday. Indicators do show a good underlying strength. I'm looking for a test of the lower $10 levels next week, so that we soon may seen CRON attempt a double top, or even a higher high.
What are your thoughts?
