CGC bulls take a standI'll readily admit today took me completely by surprise. I studied numerous charts last night and came to one conclusion - the sector would not have a bounce today because CGC's 4hr RSI was not low enough; it was only 32, when generally bounces happen from 27 or lower. CGC opened the day with multiple rejections from the high of premarket, then saw a bear break to a V-shape recovery. This wasn't the bounce setup I wanted, it wasn't the price action I expected, so I sat out.
I missed the entire 8% move and I'll sit that out every single time when I'm not comfortable with the setup.
Three things today are worth noting
CGC bulls didn't roll over after the most significant bear break since June;
We bounced 10% from the low of yesterday to high of today, from RSI levels on the 4hr chart that are not historic bounce levels; and
We finished at the high of the day with a big bullish candle
The volume is a little lower than I would have liked to see, but we are expecting to set a lower high on the daily; Anything under 51.21 will be that lower high. Our new must hold level is 44.90 and that is the range I'll be watching.
The bulls were in full control all day and set no hourly supports; the chart is very extended. We've bounced enough that we would anticipate a higher low above 44.90, and the bulls will then have to break hourly resistance to see continuation of the oversold bounce.
I've been of the opinion we won't get a bull run into Oct 17th because we've been running already for 6 weeks. I've been watching the sector for two weeks waiting for bulls to show up and buy, warning we'd see profit taking and a bear break, which we saw yesterday, but I'm starting to look at the sector a little bit more bullish after today because I'm picking up on clues of some underlying bull strength. I'm not saying we will run into Oct 17th, but I was ready to rule it out last night and today I'm not so sure anymore.
It's all about 44.90 - 51.21 right now, and I expect we will top out soon before needing a healthy pullback on the hourly chart in order to see continuation.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
CGC
CGC UpdateThe bears got rejected at $45 and price went back up to $49. It will be interesting to see whether the bulls get rejected at around $50 or not and then decide whether to short. It's possible that we're now looking at a head and shoulders pattern (price would first go to $54-55 before going down) or that it's an increasing triangle (we might break out to the top and form a new high in the $60-70 area). Bulls might pump the price higher and then dump it on dumb money during the legalization news frenzy on Oct 17. Still think we're gonna see $35 again soon though.
CGC bears assert dominance, finally breaking the daily uptrendCGC broke the daily equilibrium bearish today and closed down 6.5%. a small bounce at the end of the day cooled off RSI levels and we're no longer oversold on any timeframe. I was looking forward to an oversold bounce tomorrow but after hours trading further cooled off RSI and finished trading in a bear flag setup.
Two daily supports were broken today, after low of today our next support is 40.68 - that's a good 10% further to the downside. I'm personally going to be patient waiting for a setup I like. If we get a big gap down tomorrow, for example, opening below $42.00, that's a setup that will have me interested. Otherwise, RSI levels have cooled enough that we could easily see another -6% day tomorrow.
I've been talking a lot in my past ideas about the psychology of what's going on right now in the sector. To further drive home how sentiment has shifted from bulls to bears, note that it's been a full three weeks since we've had two green days in a row - and this is when everybody has been expecting a huge bull run into October 17th. I'm not going to be entering positions based on what I want to happen, I'm going to watch the charts for a setup that favours a bull entry.
DTEA, Nice HIgh Risk High Reward GambleGoes completely against my rules, but with the way this sector is moving, and considering how much money people have made off IGC and NBEV, this thing has a high chance of following through tomorrow.
Also, this stock only has 7 million in the float. Also, a big seller cashed out!!!!!!!! I haven't had time to check warrants, but judging from the price last year, I'm guessing they are not going to be lower than the current price.
THIS IS A GAMBLE, BUT A GOOD ONE
DO NOT BET THE RANCH, BUT DON'T SELL YOURSELF SHORT EITHER
GOOD LUCK
Short CGC here for $34-36 targetCGC has been rejected in the area $50-55 multiple times and has started to trend downwards. We can also see a decrease in volume and downward-trending RSI, which jointly indicate a bearish move. We bought some Oct 19 $45 Puts which should lead to 200-400% profit upon reaching of $34-36 in the next 1-2 weeks.
CGC bulls prove nothing (Do I sound like a broken record yet?)CGC opened significantly higher considering the big bearish momentum Friday afternoon into the weekend. Bulls made two attempts first thing this morning to break the high of Friday and fell short both times, resulting in profit taking and another close down at the low of the day. We have an inside bar on the daily to watch for clues. It's worth noting CGC has rejected from the daily Middle Bollinger Band two days in a row after losing it on Thursday. Zooming into the hourly, every test of the hourly Middle Bollinger Band has been a rejection as well since losing it on Sept 26th.
The range I'm watching remains the same as it's been for the past week; 48.02 - 55.00, and we're much more closer to a bear break than to a bull break. The MACD is signaling bearish momentum, backing up the selling pressure we're seeing on the charts. Volume has been well below average for the past two weeks in a row and I expect that pattern to continue until we get a break of that range.
Much like the price action, daily RSI is tight against the support level as well.
I feel like a broken record to keep using the same phrase, but the bulls really have their backs against the wall here and to make a move, or lose the daily uptrend and significantly shift momentum just two weeks out from legalization. I am absolutely looking to enter a swing short entry on the loss of $48.00 psychological support, looking for significant follow-through to the downside
Many people are looking for a bull run into Oct 17th and I keep pointing out one thing. We've been running since Aug 14th, during which the price has increased more than 120%. That's significant and this run will not continue forever. The psychology of the chart is bulls fighting as hard as they can waiting for the buyers that everybody thinks are about to show up. If those buyers don't show up, investors are going to take profit, and that will result in a bear break and a significant shirt in momentum for the entire sector.
WEED bulls proving nothing to meWEED started the day Friday with a gap down open just above our key daily level, providing a great bottom-fishing opportunity to play in our daily equilibrium. The entire move was given back in the afternoon when news came out of Canopy withdrawing their 'Chronic By Dre' trademark request after forgetting to get permission from the rapper to use his name. The result is a very bearish candlestick on the daily chart, still within our daily equilibrium, and still very close to a bear break. Turning on after hours on the American ticker, you can see the price rejecting from EMAs and providing a bear flag setup if the low of the afternoon sell-off 48.55 breaks.
The past two weeks on the daily chart have been a chopfest and I've been sitting on my hands waiting for it to play out, so we can finally have some clarity for the short term. I'm not giving the bulls any benefit of the doubt here, they need to prove it to me. First step would be to hold our key level 62.02 and break Friday's high 66.19.
Key range for me is 52.81 - 72.00. Until one of these levels break, I don't expect much trading opportunity as the range is so narrow it's difficult to find a pattern to play off of. If we break bullish, I will be a buyer looking for a new all time high heading into Oct 17th, and if we break bearish, I'll be entering as a short looking for a 5-7% move to the downside.
If we break bearish I would zoom out to the weekly chart and anticipate forming a weekly equilibrium, with a new higher low above 52.81. After covering my short I would be looking to enter long, as a range of 52.81 - 72.00 is more than enough room to play within and not have to worry about choppy price action giving false signals.
Reading the psychology of the chart, the past four days have clearly seen traders taking profit as they run out of patience waiting for new buyers. Many people are anticipating a run into Oct 17th, but I'm becoming skeptical there are many people looking to buy in the next two weeks that haven't already bought in.
I'm remaining neutral on what I think will happen, but we are 1% away from a bear break on the daily and 14% away from a bull break. The weekly chart remains very healthy.
CGC bulls proving nothing to meCGC started the day Friday with a gap down open just above our key daily level, providing a great bottom-fishing opportunity to play in our daily equilibrium. The entire move was given back in the afternoon when news came out of Canopy withdrawing their 'Chronic By Dre' trademark request after forgetting to get permission from the rapper to use his name. The result is a very bearish candlestick on the daily chart, still within our daily equilibrium, and still very close to a bear break. Hourly RSI has cooled and could very easily see a significant move down. Turning on after hours (American ticker only) you can see the price rejecting from EMAs and providing a bear flag setup if the low of the afternoon sell-off 48.55 breaks.
The past two weeks on the daily chart have been a chopfest and I've been sitting on my hands waiting for it to play out, so we can finally have some clarity for the short term. I'm not giving the bulls any benefit of the doubt here, they need to prove it to me. First step would be to hold our key level 48.02 and break Friday's high 51.21.
Key range for me is 48.02 - 55.69. Until one of these levels break, I don't expect much trading opportunity as the range is so narrow it's difficult to find a pattern to play off of. If we break bullish, I will be a buyer looking for a new all time high heading into Oct 17th, and if we break bearish, I'll be entering as a short looking for a 5-7% move to the downside.
If we break bearish I would zoom out to the weekly chart and anticipate forming a weekly equilibrium, with a new higher low above 40.68. After covering my short I would be looking to enter long, as a range of 40.68 - 55.69 is more than enough room to play within and not have to worry about choppy price action giving false signals.
Reading the psychology of the chart, the past four days have clearly seen traders taking profit as they run out of patience waiting for new buyers. Many people are anticipating a run into Oct 17th, but I'm becoming skeptical there are many people looking to buy in the next two weeks that haven't already bought in.
I'm remaining neutral on what I think will happen, but we are 1% away from a bear break on the daily and 14% away from a bull break. The weekly chart remains very healthy.
WEED closing in on key supportWEED small gap down open today, pulling back on a significant increase in bear volume is certainly a concern for the bulls. The weak afternoon bounces certainly have me looking for possible bear-flag confirmation and to further downside; bulls must hold $62.02 and break above $65.05 to negate that flag potential.
Key support for the bulls to maintain the daily uptrend is $62.02. This sits in the middle of a low volume node, meaning a break could see price continue downwards towards $59.70 where we start to see much more volume support.
Resistance to break are $65.05 and $66.64 high of today.
I'm not giving the bulls any benefit of the doubt - a pullback this significant on increasing bear volume is a definite red flag for me.
How WEED (really, how CGC) moves from here will dictate the direction for the rest of the sector heading into legalization on October 17th. Losing that support at $62 makes it less likely we will see new highs heading into next month.
CGC closing in on key supportCGC small gap down open today, pulling back on a significant increase in bear volume is certainly a concern for the bulls. The weak afternoon bounces certainly have me looking for possible bear-flag confirmation and to further downside; bulls must hold $48.90 and break above $50.00 psychological to negate that flag potential.
Key support for the bulls to maintain the daily uptrend is $48.02. This sits in the middle of a low volume node, meaning a break could see price continue downwards towards $46.20 where we start to see much more volume support.
Resistance to break are $48.98 (call it $50 psychological) and $51.04 high of today.
I'm not giving the bulls any benefit of the doubt - a pullback this significant on increasing bear volume is a definite red flag for me.
How CGC moves from here will dictate the direction for the rest of the sector heading into legalization on October 17th. Losing that support at $48 makes it less likely we will see new highs heading into next month.
CGC will soon set the direction for the entire sectorCGC has been getting tighter and tighter in the two weeks since the oversold bounce Sept 14th. We're at a point on the hourly chart where we're likely to see a break, giving direction for the entire sector heading into next week. Daily candle is still bearish, indicating we could see further downside to start the morning. However if we hold the low of the day tomorrow...
The most important levels for me are 53.43 resistance and 51.09 support. Losing 51.09 means we will have to wait a little longer for a break as the bulls search a new support above key level 48.02. But holding the low of today will be a very important first test.
Watch for SPY tomorrow, looking for potential further downside tomorrow in reaction to the FOMC, and watch the correlation to see how CGC responds in the face of any SPY strength or weakness.
CANOPY GROWTH CORPORATION (TSX:WEED) SHORT TERM ANALYSIS - 30MMy short term outlook for Canopy Growth Corporation (TSX:WEED). I believe we are in the midst of a small correction. I see the price bottoming out around the vicinity of $50 before we see a return to the higher upside trend. Going to continue to monitor and purchase shares at the bottom if my analysis holds true.
CGC Continuing Bullish PatternDespite being extremely overvalued, chart technicals are mostly good. MACD and RSI have cooled down over the past week and it's poised for further growth. I expect CGC will see another day of gains tomorrow, and end the week green. As Tilray consolidates, and CRON continues to oscillate wildly, this will enjoy steady, but slower, upwards acceleration throughout the end of September. There will likely be down days, of course, but I believe we will continue to see a rise in at least CRON and CGC in the first couple weeks of October in anticipation of Canadian legalization on October 17.
I'm currently strangling CGC and CRON with put strikes directly below the current price and moderately out of the money calls.
Looking at previous CGC all time highs for clues into next weekThe similarities I've highlighted here look better on WEED than on CGC because Jan 15th saw the TSX trade but not the US exchanges. That said I'm looking at similarities in the first oversold bounces following the last two all time highs at 35.88 in January and 36.55 in June. Subsequent those bounces we saw a tightening range playing out across more than a week of trading before the equilibrium finally broke - down.
In each of the previous two examples the price set a lower low compared to the low of the oversold bounce. It's very possible this happens again, but with legalization being such a huge catalyst, it's also quite likely that support holds and we enter into a larger daily equilibrium prior to continuation of the current bull move.
The most important support to me heading into next week is 40.68. The best case scenario for the bulls is to hold 46.20 to show they're in absolute control over the coming days.
There are several fundamental things I'm watching here. CNBC is covering the MJ sector numerous times each day, and I've noticed a shift in their coverage from "stocks rocketing higher", to "we're in a bubble." This shifted with the implosion of TLRY on Wednesday and the 50% drop in share price within an hour (now down a full 65% from the highs). CNBC has an agenda here, and that's currently a risk to bullish positions in the sector.
Second is the amount of short interest in these stocks right now. each of WEED, ACB, and APH are among the most shorted stocks on the TSX, and each have had an incredible increase in short positions opened over the course of September (regrettably I do not know if this information exists for CGC - if someone has this info please hit me up in the comment section below!)
Finally, there is the potential of other major catalysts such as global companies entering into the sector in the form of investments, partnerships, and other agreements or LOIs. These events have the potential of squeezing short positions to cover, now so they can enter again later.
@DonnaSko, on a previous idea you asked about my thoughts on a long position in CGC. I don't like a long position right now; If this tightening pattern does break upwards and we see new highs, I fully expect a selloff on or within a few days (before/after) of October 17th, 2018 legalization date, followed by a long drawn out period of consolidation. If for whatever reason we do not see new highs, and break down setting new lows from here, I will have to reassess the situation from that stand point. From here I only really like two entries for longs. The first would be to bottomfish against 40.68 support with a stop-loss below that price to protect your capital should should the sector break down from here for whatever reason. The second would be to enter on the break of 52.60, which would be a bull-break of the current 4hr equilibrium we're currently suspended in. With an entry there I'd place my stop-loss below the most recent low, which is currently 46.20. Either way, I would absolutely take profit on or just before October 17th as I fully expect that catalyst to be a sell the news event, should we continue the bull run up until that date. Then I'd wait patiently to buy back in much cheaper for a long term investment position.
Canadian MJ VS. Crypto: Is Now The Time To Shift?Hello my dear MJ traders, and everyone else, who is now interested in the MJ sector! ;)
In this video, I show you the huge pump of TLRY from $20 to $300 since they got into an ETF, and we talk about the similiraties of the price action vs. Bitcoin. You will see, that right now, it might not be a good idea to shift from crypto to the MJ sector.
Obviously for the long-term it's very good news, as the legalization of marijuana is coming in the US & Europe. Have fun watching! ;)
If you had some value from my analysis, give it a thumbs-up, because the video gets shown to other people then. Make also sure to like & follow me so you don't miss it next time, I'm doing Daily Crypto Analyses! I wish you a good trading! :) No matter what you do, please set your stop loss. For short trading: Please be aware, that you can lose all your money on Bitfinex if Tether blows up one day/and or they just close, (respectively on Binance, if you're holding Tether there), as compared to Coinbase, who do not offer short trading, but who have at least an insurance up to 250k. Dollars as they state on their homepage.
About myself: Global citizen & early Bitcoin adopter from Germany. I invested in the 2nd rally from 50 to 1.000 Dollars in BTC.
CGC - letting the dust settleWatching the CGC range from low of Friday to high of today. Today's low bounced right off the golden pocket of the fib pull with swing low as the oversold bounce low, to the high of today. It will be interesting to see if that holds. I'll be remaining very patient as the next couple of days set a tightening range with new levels to play off of. The break of that tightening pattern will set momentum for the days to follow.
Today's bear volume was very notable. We know there is ETF balancing ongoing this week that must settle up Friday, so I am leaning towards seeing more selling pressure into tomorrow and Friday.
I find the most clarity on the daily and 4hr charts. The 4hr chart with extended hours could be considered a bear flag here, but those long lower wicks of bulls buying the dip are a point in opposition to that possibility.
Oversold Due To China News, and Being Driven By TradersLove the stats and the story.
Short term swing.
It is being driven by speculators because it's a low float China stock. Went up too much in a short period of time, hence the big sell off. Also, this China tariff news probably spooked traders.
Net income is down 2 million, but general administrative expenses increased by a factor of 10. Plus, they are exploring the blockchain sector.
Like where it is on the fib also. Volume has also decreased relative to yesterday's sell off
Only buying 1/2 because it is on the way down. Holding other 1/2 in case it goes lower so I can either bump out or get a better average.
CGC - Short for the big incoming correction.CGC has completed 5 waves up on the weekly chart. Get ready for a big long ABC correction down to around $22-$25.
CGC PredictionsHey Trader Buddies! Looks like a potential Inverse Head and Shoulder's Pattern is forming. If it pans out CGC will dip back into the upper 40's and give some upside back to mid 50's.
About to Break Resistance, Same Industry Group As CBDSWeed stock are on a roll right now. CANN and CBDS have always followed each other. Big volume spike, and with TLRY and all the big names in the marijuana sector on fire, speculative fervor will transition into the smaller names. For the most part, though, I like this as a sympathy play off today's CBDS move
Tilray most likely to hit ~$174aicody.com
Company Summary
Tilray, Inc. (NASDAQ: TLRY) is a global pioneer in the research, cultivation, production and distribution of cannabis and cannabinoids currently serving tens of thousands of patients in ten countries spanning five continents. Tilray has reported financial results for second quarter of 2018 and six months ended June 30, 2018.
“We are very pleased with our strong start to 2018. Tilray is well-positioned to continue to pioneer the development of the global medical cannabis market and to become a leader in the adult-use cannabis market in Canada,” said Mr. Brendan Kennedy, President and Chief Executive Officer of Tilray. “In the second quarter, we generated significant revenue growth as a result of our global strategy, our multinational distribution network and our commitment to research, innovation, quality and operational excellence.
Second Quarter 2018 Financial Highlights
Revenue increased to $9.7 (C$12.7) million, up 95.2% compared to the second quarter of last year. The increase in revenue was driven by increased patient demand in Canada, sales to other Licensed Producers and international sales.
Total kilogram equivalents sold increased 745 kilograms to 1,514 kilograms, or 97%, compared to the prior year.
Average net selling price per gram increased from $6.20 to $6.38 (C$8.12 to C$8.36) for the three months ended June 30, 2017 and 2018, respectively. The increase was primarily due to growth in higher potency product and extract sales, partially offset by an increase in wholesale revenues.
Net loss for the quarter was $12.8 million compared to $2.4 million for the second quarter of 2017. Net loss includes non-cash stock compensation charges of $5.6 million compared to a $35 thousand charged in the prior year period. Adjusted EBITDA was a loss of $4.7 million compared to a loss of $1.9 million the second quarter last year. The increased net loss and Adjusted EBITDA decline was primarily due to the increase in operating expenses related to continued growth, expansion of international teams, and costs related to financing and the initial public offering (“IPO”).
Business Highlights in 2018 to date:
Successfully completed IPO in July whereby 10.350 million shares of Class 2 Common Stock were sold at an initial price to the public of $17.00 per share. The Company received net proceeds of $163.6 (C$216.9) million after the underwriting discount. Net proceeds will be used to fund the build out of cultivation and processing capacity, repay outstanding principal and interest under the Privateer Holdings debt facilities, and for future acquisitions and working capital.
Prior to the IPO, completed Series A funding of $55.0 (C$69.2) million from leading institutional investors.
Signed agreements to supply cannabis to adult-use consumers in seven Canadian provinces and territories (British Columbia, Manitoba, Nova Scotia, Ontario, Quebec, the Yukon territory and the Northwest Territories).
Entered into a strategic agreement with Sandoz Canada, a division of Novartis, to collaborate on the creation and sale of co-branded and co-developed non-combustible medical cannabis products.
Signed agreement with Shoppers Drug Mart Inc., Canada’s largest pharmacy chain with more than 1,200 pharmacies and expect to supply Tilray products following approval of Shoppers’ application to become a Licensed Producer.
Signed binding letter of intent with Pharmasave, one of Canada’s leading independent pharmacy chains with more than 650 pharmacies, which Tilray anticipates will allow it to supply Pharmasave stores with Tilray products contingent upon a change in laws that permits Canadian pharmacies to distribute medical cannabis to patients.
Completed exports to Argentina, South Africa and the United Kingdom, making Tilray products available in 11 countries on five continents.
Launched High Park Holdings Ltd., Tilray’s wholly owned subsidiary formed to serve the pending adult-use market in Canada with a broad-based portfolio of cannabis brands and products.
Announced the launch of the CANACA™ brand, a new cannabis brand celebrating Canadian roots, values and this historical moment in Canada as the country becomes the world’s first G7 nation to federally legalize cannabis through adult-use legalization.
Announced clinical study results of Tilray® 2:100 product showed promise in Canada’s first pediatric study of mixed THC/CBD medical cannabis oil for children with drug-resistant epilepsy.
Statistics
Shares Outstanding: 76.5M
Avg Daily Vol: 8.5M
Market Cap: 14.08B
52-Week High: $151.18
52-Week Low: $20.10
Forward PE: NA
Annual Div/Dividend Yield: $0.00 / 0.00%
Annual Rev: 23.1M
Inst Own: 0.0%
1-Month Return: NA
3-Month Return: NA
Next Earnings Report Date: 08/29/2018
Earnings ESP: -0.18
Revenue Per Employee: $85,912
Money Flow Ratio: 1.08%
Profitability
Revenue Growth: 62.5% (Sector Average 3.3%)
Gross Margin: 53.0% (Sector Average 62.4%)
Return on Equity: NA (Sector Average -19.2%)
Net Margin: -52.9% (Sector Average -10.4%)
Debt
Current Ratio: 1.1 (Sector Average 2.9)
Debt-to-Capital: 230.5% (Sector Average 25.8%)
Interest Funding: -12.5% (Sector Average 0.3%)
Interest Coverage: -11.6 (Sector Average -4.7)
Dividend
Dividend Growth: NA (Sector Average 5.5%)
Dividend Payout: NA (Sector Average 66.7%)
Dividend Coverage: NA (Sector Average 2.1)
Dividend Yield: NA (Sector Average 0.00%)
Top Peer Companies
Akcea Therapeutics Inc (AKCA)
Akorn Inc (AKRX)
American Cannabis Company Inc (OTCMKTS: AMMJ)
Amphastar Pharmaceuticals Inc (AMPH)
Aphira Inc (TSE: APH)
Aurora Cannabis Inc (TSE: ACB)
Cambrex Corp (CBM)
CannaRoyalty Corp (CNSX: CRZ)
Canopy Growth Corp (CGC)
Corcept Therapeutics Inc (CORT)
Cronos Group Inc (CRON)
Emergent BioSolutions Inc (EBS)
Hydropothecary Corp (TSE: HEXO)
Innoviva Inc (INVA)
Maricann Group Inc (CNSX: MARI)
Medmen Enterprises Inc (CNSX: MMEN)
MedReleaf Corp (MEDFF)
OPKO Health Inc (OPK)
Pacira Pharmaceuticals Inc (PCRX)
Theravance Biopharma Inc (TBPH)
VIVO Cannabis Inc (ABCCF)
12 Month Price Target
Mean: USD$115.05
High: USD$174.33
Low: USD$90.32
Revenue Growth
Revenue increased to $9.7 (C$12.7) million, up 95.2% compared to the second quarter of last year. The increase in revenue was driven by increased patient demand in Canada, sales to other Licensed Producers and international sales.
Earnings Surprise
Positive (+18.4%)
CGC tightening range on watch this coming weekCGC After retracing .5 of the move up from the low of consolidation before the constellation news to recent all time high, I'm now watching for a lower high to be set somewhere between $49-50 range. If we get a quick push up Monday to that area I would expect enough profit taking to have us looking back down to find a new base of support above Friday's low $40.68
Full Triangle Completed. 1/2 Entry At The Close
Earnings report wasn't that bad really, just disappointing. The stock was already up 1000% at one point, and Bank Of Montreal owned 30% of the shares back in December 2017.
I initially flirted with the idea of buying on Monday, or near the 78% line near the March/April consolidation area for $8.00ish, but decided against it due to the extent of the sell off. I also considered the fact that 81% of the shares were owned by institutions, who were up significantly.
You can see buyers attempt to accumulate on Sept.11th, but they got crushed, just like I suspected
I'm buying the close today, with the intention of holding the other half in case it goes lower so I can either bump out, or get a better average. Whether i fill the other 1/2 on the way up depends on the price action and volume
This is a swing trade, not a long term hold
