SNDL Inc.Long
SNDL - Push back to $3? Maybe $4?
Updated
Looking at SNDL, it has a lot of attention and has had a large retracement at the end of last week.
It had almost a nearly 100% retracement and successfully tested the known supply zone at $1.80. If you had a buy order set up there, you would be VERY happy (and hopefully took profits).
During the retracement it created a strong downward resistance trend line, and then broke out sideways (no significant jump in price). Since that breakout, it formed another less aggressive resistance trend line, and then broke out of that before closing EOD friday. A part of me was hoping that we had one more to run with instead of the long weekend.
Due to this breakout at EOD Friday, the massive price potential of SNDL (as you can see it was at $4), the potential legalization of pot, and the fact that we had two of the shorter term Moving Averages cross, I think we can feel pretty good about a potential bounce up from where we are currently resting (around $2). This DOES NOT mean that $3 or $4 is guaranteed, as a bounce could be met with further retracement, hence why my TP targets are set between $2.50 and $3.00.
Thanks for coming to my Ted Talk. I look forward to revisiting this idea to learn.
SNDL, it has a lot of attention and has had a large retracement at the end of last week. It had almost a nearly 100% retracement and successfully tested the known supply zone at $1.80. If you had a buy order set up there, you would be VERY happy (and hopefully took profits).
During the retracement it created a strong downward resistance trend line, and then broke out sideways (no significant jump in price). Since that breakout, it formed another less aggressive resistance trend line, and then broke out of that before closing EOD friday. A part of me was hoping that we had one more to run with instead of the long weekend.
Due to this breakout at EOD Friday, the massive price potential of SNDL (as you can see it was at $4), the potential legalization of pot, and the fact that we had two of the shorter term Moving Averages cross, I think we can feel pretty good about a potential bounce up from where we are currently resting (around $2). This DOES NOT mean that $3 or $4 is guaranteed, as a bounce could be met with further retracement, hence why my TP targets are set between $2.50 and $3.00.
Thanks for coming to my Ted Talk. I look forward to revisiting this idea to learn.
Note
Looks like we had a nice rise, lets see if it can find some upward supportNote
Feel free to move up stops as well - I would place them at about $1.90Trade closed: stop reached
Opened the market today below support, unfortunate
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