Descending Triangle, but with Potential for Upside
Updated
I'm seeing a descending triangle formed since earnings mid-Feb. The triangle sees a failed backtest on 11-Apr, and a battle at long-term (and psychological) support of $9.50 CDN. I'm anticipating a possible fall to the previous psychological support of $9 CDN, but with earnings around the corner, there could be a breakout in anticipation.
I'm a long-term investor in WEED, but am exploring (read: newbie) TA for this and other stocks. Constructive comments are appreciated!
I'm a long-term investor in WEED, but am exploring (read: newbie) TA for this and other stocks. Constructive comments are appreciated!
Note
Stochastic oscillator %K crossed %D on 18-Apr, so there may be a rebound coming. Pre-market bid/ask on 19-Apr is just below $10 CDN. I would not consider buying for short-term trading until it broke $10.20 (the descending triangle resistance).Note
We're testing $10.20 which I believe is the current resistance. I'm watching the hourly charts for a confirmation of a break.The volume appears to have reduced in line with the triangle, but am hesitant on a trade opportunity.
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