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Cronos

CRON Wave AnalysisAs charted in today's YouTube video, full details on how I arrived to the counts there. Cronos is one of the older assets in a young market. On a long term view, I believe it's in the final waves of it's current cycle. However, that doesn't mean that it can't make significant new highs. It appears to be forming a flat continuation pattern here. With fundamentals coming into play, pot stocks could well be the next parabolic rise. Overall, the equities within the market have yet to break market structure of higher highs. Once that market structure is broken, I would expect a multi-year bear market. However, for now, fundamentally, I don't see how it would start today. To play the flat, look for a confirmed lower low on low time frames to draw a downtrend line similar to the blue one pictured. Look for a break of that downtrend and buy any consolidation.
TSX:CRONLong
by ThePuma
4
CRON update - CHOP Current Pos: Short Apr18 $20 USD puts. Scaled down to 1/3 Position Friday Close. Idea: Locked in profits from Short in case of bullish ACB earnings (Guide down could pull an AAPL). if ACB bullish, looking for bounce to play weekly calls intraday. Will reload puts on strength, any rally likely to fade going into CGC earnings. Still a good chance this runs into CRON earnings (est Feb 22nd) sector sentiment still divided. Macro eyes on China reopening and possible gov't shutdown 15th.
TSX:CRONShort
by cappercaper
CRON, Medium, 8 - 16 January Support and 5th Wave Confirmation!I looked once last time after utilizing the 50, 100, and 200 moving averages and adding a massive Elliot wave that encompasses months worth of price movement. The good news is that no matter how you look at it, this stock is bouncing predictably off of the upper and lower price channel and showing a general positive movement. Those 50,100, and 200 EMA's along with the historical support levels all line up to show that we are nearing the bottom of our consolidation and that the green or blue wave (4) patterns and subsequent (5) are the likely scenario during the month of January. We'll know by mid-month! G'luck!
NASDAQ:CRONLong
by martinlih
2
CRON the clear lead bear in the sectorCRON is the clear lead bear of the major names in the sector, not even trying for a bear flag of consolidation, preferring instead to continue a slow bleed down. We will eventually see a bounce, anything under 11.99 will be a lower high and I would not be surprised if the bulls were not even able to penetrate the middle bollinger band. Since losing the RSI support line October 3rd we've seen a backtest of previous support, now resistance, and continuation down to lower lows. Key daily range: 9.94 - 11.99 Zooming into the 4hr shows just how weak CRON is. While other weak names such as APH and TGOD are seeing some sideways consolidation before another leg down, Cronos Group isn't even trying for the equilibrium, instead breaking down to lower highs and lower lows. 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. A great example of that today was a losing trade I made shorting CRON. Let's look at the 5 minute chart below: CRON is represented in the candles and SPY is represented underneath with the bars. You can see the correlation all morning, with a move down, a sideways consolidation bear flag, and a continued move down. The correlation breaks around 1pm and I notice CRON consolidating sideways in a bearish ascending wedge pattern, with multiple tops at 10.15 SPY on the other hand continued down. I placed a pretty large short and was filled at 10.14, with a stop loss at 10.16. I liked this setup because we had cooled off RSI levels, we had a clear resistance level with numerous rejections, and it was the weakest name in the sector on a day when the S&P500 lost the daily uptrend and was dumping - it was the perfect storm to profit significantly on another leg down. At 2:20pm SPY hit the low of the day and started an hourly oversold bounce that ultimately led to a bull break that stopped me out of my short for a decent sized loss, due to slippage. This is one instance where the setup and the plan were absolutely perfect, - except I forgot to check the correlation. SPY hourly RSI had briefly touched 16 and bounced, stopping me out for a loss. 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.
NASDAQ:CRON
by McGuireTO
3
CRON gap-up & profit taking ruin a great chart setupCRON was the one setup I was most looking forward to this morning with it's multiple daily inside bars and triple bottom in the $10.80s range. That setup was ruined with a higher open, and profit taking all day. While the daily candle is very bearish, CRON did hold key support and broke the hourly lower high pattern. To fully shift momentum back to their favour, the bulls must hold low of day 11.05 and break high of day 11.99 (call it 12.00 even). That would confirm an hourly uptrend, but I would still anticipate a daily lower high somewhere around $12.75 at best. The hourly MACD bull move is very week and keeping me skeptical of any ability for significant followthrough, and the daily MACD extended even further down today despite the higher trading range compared Friday. Keep an eye on CGC here - the sector leader if very close to a significant daily bear break and the correlation to the sector leader will favour the CRON bears. Key range to watch is 10.82 - 14.00.
NASDAQ:CRON
by McGuireTO
5
CRON tight range likely to break on MondayCRON formed its second daily inside bar on Friday as the range tightens up and the volume drops off. I'm looking for a break of range and a volume spike on Monday. I like inside bars because they signal equilibrium (pennant) patterns on a lower timeframe. Sure enough if you zoom into the hourly chart you can see a beautiful equilibrium playing out within our daily multiple inside bars. Having pulled back 30% from all time high over the past seven trading days I'm anticipating a bull break as more likely that not, but correlation to sector leader Canopy Growth and the overall market will be worth keeping an eye on. The range I'm watching is the low of Friday and the high of Friday, 10.86 - 11.40. Key daily support is 10.82, so any attempts to make an early entry by bottomfishing this range should have a stop loss just below that level. On a bull break I would expect CRON to top out around $12.50-13.00 and then look for a tightening range on the daily chart. On a bear break we're looking down another 14% before our next support at 9.26. For anybody playing CRON on the Canadian ticker, the setup is a little different. The range to break is 14.11 - 14.77. Key daily support is 14.05 so your stop should be just under that. On a bull break I would expect to top out around 16.00 and on a bear break we're looking down to test $12.05 support.
NASDAQ:CRON
by McGuireTO
2