Is WAYL ever gonna break out of this falling wedge ?It seems that from the time it reached ATH, it's been in a giant falling wedge. Even clearer on the monthly:
Is this stock going to continue falling ? Or is this a good buy opportunity ?
From what I know of this company, it's had it's fair share (pun intended) of drama. Insider selling, lawsuits threats, twitter arguments between the CEO Ben Ward and Equity Guru.
(highenergytrading.com)
Honestly I have not followed the stock much since it switched from Maricann to Wayland Group. I still hold a small position though, and I sold and bought from time to time without paying much attention to the longer timeframe charts.
What I do know, is that the weekly chart just bounced on 0,87$, creating a double bottom and a good place to put a stop loss. The 1$ price level will probably offer resistance and right now the stock seems to be hesitating as to which way it'll go. This seems to be in line with the Cannabis Sector, which has been in an EQ for the past few weeks. For those who hold the bag (like me), there might be a good opportunity to average down if 0,87$ continue acting as support. But what I really what to see, is a weekly close above the falling wedge, and increasing volume that might signal a trend change and give back confidence to investors.
