CGC approaching support + big volume!
Updated
Hello, from time to time people asked me to chart CGC and until recently i had no strong opinion to give but now i took a closer look and saw a promising setup:
CGC was non stop dropping in the recent months and it looks very oversold already.
Im waiting to buy at green support and sell at red line for an quick 200% gain.
Cannabis stocks were more kind of a meme Play in recent months but buying at sub 1Billion marketcap could actualy be a good value play now.
This could even be a good entry longterm if you want to invest in the Cannabis sector, im personally selling at red line for fast profit tho.
The current volume is the second highest seen on CGC (highest was arround the top) and this is a sign for me that buyers are finaly stepping in and sellers are capitulating.
There is a possibility that CGC isnt reaching my buy zone before correcting but i personaly would rather miss a buy opportunity then buy right now.
ill have buy orders open for the coming Days/few Weeks and will remove them if CGC should correct earlier then i expect.
This is one of my setup im pretty confident in having success. (except maybe that correction is coming earlier then i think)
I didnt took the time to watch theyr financials, this is TA only. Do that yourself if you want.
DYOR and invest responsible and please leave a like!
CGC was non stop dropping in the recent months and it looks very oversold already.
Im waiting to buy at green support and sell at red line for an quick 200% gain.
Cannabis stocks were more kind of a meme Play in recent months but buying at sub 1Billion marketcap could actualy be a good value play now.
This could even be a good entry longterm if you want to invest in the Cannabis sector, im personally selling at red line for fast profit tho.
The current volume is the second highest seen on CGC (highest was arround the top) and this is a sign for me that buyers are finaly stepping in and sellers are capitulating.
There is a possibility that CGC isnt reaching my buy zone before correcting but i personaly would rather miss a buy opportunity then buy right now.
ill have buy orders open for the coming Days/few Weeks and will remove them if CGC should correct earlier then i expect.
This is one of my setup im pretty confident in having success. (except maybe that correction is coming earlier then i think)
I didnt took the time to watch theyr financials, this is TA only. Do that yourself if you want.
DYOR and invest responsible and please leave a like!
Note
CGC volume is huge which makes me confident that we will see a (local) bottom soon.Note
looks like the correction is already happening :/Note
...or maybe not. im planning to buy 420 CGC stocks at 1.64 USD for 690 USD for the lulz.
Im confused why cannabis stocks are this much down in the first place, while we see a slow legalisation globally. if anyone knows why please drop a comment below!
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