CGC Daily Review
1/27/2020
CGC gapped down with the rest of the market this morning and ended up closing near the low of the day.
On Friday a few areas of support were mentioned, so it shouldn't be surprising that here we are again at $21.56.
While the bull thesis is not yet invalidated (hourly/daily closes below $20.14), probability of bull continuation diminishes the longer price stays down here.
Is closing with a Doji on an important number (literally to the penny) important? Is the market trying to tell us something? A clear rejection at EMA20 can't be seen as bullish, however NO VOLUME behind this move? And now a blue trend line that may be important?
Bulls will be looking for signs and signals of a trend change tomorrow as the ball is firmly in the Bears hands.
DO NOT GUESS
CGC gapped down with the rest of the market this morning and ended up closing near the low of the day.
On Friday a few areas of support were mentioned, so it shouldn't be surprising that here we are again at $21.56.
While the bull thesis is not yet invalidated (hourly/daily closes below $20.14), probability of bull continuation diminishes the longer price stays down here.
Is closing with a Doji on an important number (literally to the penny) important? Is the market trying to tell us something? A clear rejection at EMA20 can't be seen as bullish, however NO VOLUME behind this move? And now a blue trend line that may be important?
Bulls will be looking for signs and signals of a trend change tomorrow as the ball is firmly in the Bears hands.
DO NOT GUESS
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