CGC Long at Double Bottom
Updated
Sorry I've been away for a while. Back to the charts.
CGC is showing seller exhaustion on the Daily on the MACD, indicating either potential trend reversal or at least a relief rally. It's also down so much that there is ridiculous upside and comparatively smaller downside. I may turn this into a position trade if the market dictates it, but my expectation is a swing trade for now.
Entry: $7.10
Stop loss: $6.30
Targets, see chart.
CGC is showing seller exhaustion on the Daily on the MACD, indicating either potential trend reversal or at least a relief rally. It's also down so much that there is ridiculous upside and comparatively smaller downside. I may turn this into a position trade if the market dictates it, but my expectation is a swing trade for now.
Entry: $7.10
Stop loss: $6.30
Targets, see chart.
Comment
While the trade setup above failed, the RSI on the daily is currently showing classic bullish divergence. Same with the 4hr and daily RSI and MACD. So, chances are higher that a reversal will happen here. At least a solid rally.
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