Canopy Rivers Inc - Technical Analysis
Updated
Dear traders,
Here is my TA for Canopy Rivers Inc,
We find ourselves in a downtrend channel from which we need to brake out in order to change the mood.
With the MACD Continuing Divergence, which is a Bullish sign, we now need to see higher lows and lower lows in order to breakout from this channel.
What is you're opinion on this stock ?
Here is my TA for Canopy Rivers Inc,
We find ourselves in a downtrend channel from which we need to brake out in order to change the mood.
With the MACD Continuing Divergence, which is a Bullish sign, we now need to see higher lows and lower lows in order to breakout from this channel.
What is you're opinion on this stock ?
Note
Canopy Rivers just created a Bull Flag.Let's see how this plays off.
Note
Canopy Rivers price action is following my TA for now. If we zoom in we can see that our green dotted line has worked as a support line like I hoped it would be. If we create an ascending channel now, we might see a breakout soon, if we don't get sent back down by the resistance line.Note
I am waiting for more volume to come to play before going long.Note
Vol didn't come, the stock price went down.Note
RIV created a new lower low. We are still in a bearish channel.Note
RIV is following out bearish triangle very well, in fact we might get a breakout soon. Keep an eye open!Note
In fact, as we zoom in we see that the bulls failed breaking out on multiples occasions.. To be safe I would enter a position now with a stoploss just under the 55ema, to make sure to still get some profit, but you won't get raped if this is a failed breakout again.Note
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