Get started

Marijuana

#SNDL - Weekly showing strenght and reversal signsIf we look at the weekly chart, I identified two main reasons why I consider 0.7$ being the bottom and why I think there are good chances that we can see higher levels soon: 1- Previous week candle was a piercing line candlestick pattern, with the opening below the previous candle close and with the close above the mid-body of the previous week 2- The price is reacting strongly with high volumes at the 0.72$ level, which is where most of the institutionals have their average purchasing price In addition to this, just to estimate where the price might go by the end of this week, let's have a look at the average true range of the last 3-weeks: the price had an average extension from low to high of approximately 0.13$. This means that, starting from the assumption that the week will be a positive one, and having the low of the current week at 0.715$, this means that the price might "potentially" extend its movement up to 0.845$. This is pretty realistic and we of course hope that this will be just the beginning of the trend reversal. Also, in the H1 chart, the head and shulder pattern that I shared few days ago, is going to complete its formation attacking the 0.795$ resistance level soon.
NASDAQ:SNDLLong
by FrancescoMerlettini
#SNDL - Weekly chart piercing line patternThe end of the week is showing a reversal candelstick pattern: the piercing line. In fact, the week opened below the closing of the previous week and it closed abive the mid-line of the previous week. This indicates that bulls overwhelmed bears this week. Moreover as you can see from my latest idea, there is a reversal head and shoulder formation in the H1 timeframe, with neckline at 0.795$. I am extremely confident that this line of resistence will be broken next week and the bullish trend reversal will start
NASDAQ:SNDLLong
by FrancescoMerlettini
#SNDL - Fun has finished for bears. H4 showing reversal signsLong story short: H4 chart is shwing a H&S reversal pattern which will be confirmed in the next hourly sessions, by breaking the neckline at .795$. In my opinion there are good chances to see a runaway gap above this level tomorrow FRI 20th. Target for this technical pattern is 0.92$, while 0.85$ is the target for the green channel that you can also see in the chart. Longer term, next target will be 1.4$, which is the falling wedge target in red. After that level is reached.... only highways.. Good luck! -- THIS IS NOT A FINANCIAL ADVICE --
NASDAQ:SNDLLong
by FrancescoMerlettini
#SNDL - 4H chart showin RSI divergence & much moreThe H4 timeframe is suggesting interesting points which make still think that we are close to a rebound; as I recently shared, the 0.7$ area is extremely important has it is where three important trendlines are crossing (this is not visible frm this chart). Summarizing my points: 1- RSI showing divergence with price action, and it is rebounding for the third time in oversold territory 2- Falling wedge broken on April 19th with volumes 3- Today closing H4 candle is a piercing line candle, which opened below the lower of the previous candle, and closed approximately at half of the body of the same previous handle. Not visible from this chart, if yu have a look at the monthly candles, you'll see that the last three bearish candles have lower volumes, and this is a strong sign to me, that we are just few days/weeks away from recoverying an uptrend with higher volumes.
NASDAQ:SNDLLong
by FrancescoMerlettini
#SNDL - Falling Wedge in H1 broken with volume! #SNDL is in my opinion very close to reverse the downtrend. Possible rebounce area at 0.7$, if not happening before. The one hour chart is showing a falling wedge being broken - with volumes - on April 27th and the price is now retracing looking for a pullback. Very interesting to see how this bullish wedge pattern is also supported by an RSI divergence: so, basically, the RSI shows higher lows, while the prices are showing lower lows. This is pretty indicative of the fact that sellers are loosing momentum. The target of the falling wedge stands at 1.35$, but I am pretty convinced that once we reach the 1.3$ again, we'll not be seeing the bottom under 1$ anymore.
NASDAQ:SNDLLong
by FrancescoMerlettini
2
Tilray Inc (NASDAQ: $TLRY): Marijuana Prohibition Boom 2021 🌿🌿Tilray, Inc. is a leading global cannabis-lifestyle and consumer packaged goods company with operations in Canada, the United States, Europe, Australia, and Latin America that is changing people's lives for the better – one person at a time – by inspiring and empowering the worldwide community to live their very best life by providing them with products that meet the needs of their mind, body, and soul and invoke a sense of wellbeing. Tilray’s mission is to be the trusted partner for its patients and consumers by providing them with a cultivated experience and health and wellbeing through high-quality, differentiated brands and innovative products. A pioneer in cannabis research, cultivation, and distribution, Tilray’s unprecedented production platform supports over 20 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and alcoholic beverages.
NASDAQ:TLRYLong
by Bullishcharts
27