Updated
Cannabis Stocks Bottomed?
Just an idea. Price at the moment is less than 50% of its all time high.
Every time MACD flips green on the weekly we've had immense gains. This is an emerging industry especially in Canada that everyone is watching, with Canopy being regarded as one of the industry leaders.
RSI is also near the oversold territory, which many times in the past have indicated a move to the upside.
We have just kissed the .786 fib level and moved on up slightly above the .618 golden fib level. Maybe we'll get a fake-out or we're headed on up the 0.5 level which is roughly $30.
The reason for mentioning the possibility of a fake-out is the amount of price action we've had around the .618 fib level in the past as it could act as resistance for now and dump further down before going bullish, which in that case I'll probably cut losses and buy the dip and play the swing depending on what's happening then. Just something to look out for ;)
How would you play this? Like, share, and leave your feedback in the comments below!
Cheers, safe trading :)
Every time MACD flips green on the weekly we've had immense gains. This is an emerging industry especially in Canada that everyone is watching, with Canopy being regarded as one of the industry leaders.
RSI is also near the oversold territory, which many times in the past have indicated a move to the upside.
We have just kissed the .786 fib level and moved on up slightly above the .618 golden fib level. Maybe we'll get a fake-out or we're headed on up the 0.5 level which is roughly $30.
The reason for mentioning the possibility of a fake-out is the amount of price action we've had around the .618 fib level in the past as it could act as resistance for now and dump further down before going bullish, which in that case I'll probably cut losses and buy the dip and play the swing depending on what's happening then. Just something to look out for ;)
How would you play this? Like, share, and leave your feedback in the comments below!
Cheers, safe trading :)
Note
I didn't mention the .786 fib retracement line also being on the major support line that's been held and respected since 2009. We've bottomed right there in the form of an inverted head and shoulders which is a classic bullish signal.I'm looking for some movement to the upside but if we do break down below the major support then i will look to stop loss as it would be a very very large move to the downside where I would re-accumulate eventually.
I've shared this as a new idea along with my strategy both medium and short-term if you want to check it out. Link is below.
Cheers!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.