Long on CRON after bounce off trend line
Updated
CRONIllinois recently made huge progress by being the first to legalize marijuana through state legislation. I think this is going to be the turning point for legalization across the United States, and potentially even federal legalization sometime in the next couple years. The whole gay marriage thing did something similar a few years back, and I think we're going to see the same thing here. Slow progress, sudden progress.
CRON just bounced off a trend line, and is heading towards a trend confirmation line. It may retest this lower trend line, but it will do so with a higher low. I believe we'll see this gain the 63% back to retest highs before breaking through on to new highs. This 2 year uptrend is mighty convincing. I think this is a great entry for a long.
Trade closed: stop reached
Stop at 14 triggered. I'm a little worried that this is beginning to look like a crash cycle. I need to see a higher high and a lower low before I'm interested again.
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.