Long CRON at logarithmic trend-line support.
The first time I was introduced to CRON it was at 23/share and my first thought was it was a sell. Now that the early buyers have taken their profit and more states are looking at legalizing marijuana, it is ready for another run to new highs.
Using a logarithmic scale and Fibonacci retracement, we can see that the 61.8 lines up very nicely with an ascending trendline support. May 1st looks to be a point where multiple important signals will coincide. Price should reach the 61.8 retracement and trend-line support, daily RSI comes back above 30, stochastic comes back above 20, and the MACD will likely cross all in the same week.
My plan is to take a small long position at ~14/share with 1:1 leverage and likely no stop loss as this will be a long term hold. As price confirms the upward direction, I will scale into the trade adding a trailing stop equal to slightly under the ascending support line.
Using a logarithmic scale and Fibonacci retracement, we can see that the 61.8 lines up very nicely with an ascending trendline support. May 1st looks to be a point where multiple important signals will coincide. Price should reach the 61.8 retracement and trend-line support, daily RSI comes back above 30, stochastic comes back above 20, and the MACD will likely cross all in the same week.
My plan is to take a small long position at ~14/share with 1:1 leverage and likely no stop loss as this will be a long term hold. As price confirms the upward direction, I will scale into the trade adding a trailing stop equal to slightly under the ascending support line.
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