CRON - Symmetrical TrianglePossible symmetrical triangle pattern. Looking for a potential move up towards resistance.
CRON trade ideas
Cronos GroupCronos is a great test-case for what happens when a Speculative OTC stock goes to the big time market. They shot up 30% in the days after it went from OTC to the NASDAQ on some HUGE volume.
I personally like Cronos a lot. Mike Gorenstein seems like an excellent CEO and they are setting themselves up really nicely in terms of the international picture.
HOWEVER. They haven't truly DONE anything yet, at least compared to the other big names in the Canadian cannabis industry.
In their most recent financial statement, their Q3FY17 revenue was C$1.3M with a YTD revenue of C$2.5M a SMALL FRACTION of even the less-than-popular MedReleaf who had a Q3FY17 sales of C$11.35M and FY17 of C$31.6M
I guess what I am ultimately getting at is that, IMO, Cronos is grossly over valued in terms of Market Cap and I expect that to catch up to them sooner than later if they can't produce financial results on par with the rest of the industry.
I can imagine the share price breaking below the lower bounds of the triangle, falling fairly sharply to the Weekly 9EMA and potentially even correcting further.
Just my $.02
