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CRON

Opportunities on the weed sector | CRONCronos Group, Inc. engages in the production and distribution of cannabis. Today we will take a look at the chart, and we will define what's the scenario we are waiting for before trading. Between 4 to 5 dollars we can see a support level that has been working since 2018. That means that we are in an interesting situation regarding a historical low from where we observed MAJOR bullish movements starting from here. But what is the plan for this? As always, my answer comes from observing past behavior, and in this case, what I can see is that in the previous 2 scenarios we had clear Flag patterns corrections before the big event. So the plan is straightforward: I want to observe a flag pattern or any type of correction with similar size and duration before thinking about risking 1 dollar on this stock. An important aspect when you trade like this is that you can not force the market to provide opportunities, the only thing you can do is get ready for when the market decides to make the formation you want to see. PATIENCE AND PATIENCE The place where I expect to start observing the flat pattern formation is around 8.20 that's the zone where the short-term bullish impulse found a minor resistance and the consolidation started in previous scenarios. (This may be useful for short term traders) Thanks for reading! Feel free to add any idea regarding the Cannabis sector or views about this chart.
NASDAQ:CRON
by ThinkingAntsOk
8
Is MJ about to get high?Marijuana stocks have been on the decline for a while, but things may soon start turning around. Last month, the House Judiciary Committee advanced HR 3617 or (MORE) Act of 2021, a bill that repeals the long-standing federal prohibition of marijuana by removing it from the Controlled Substances Act — thereby ending the existing state/federal conflict in cannabis policies and providing state governments with greater authority to regulate marijuana-related activities, including retail sales. What the MORE Act Does: The legislation’s provisions remove marijuana from the federal Controlled Substances Act — thereby eliminating the existing conflict between state and federal marijuana laws and providing states with the authority to be the primary arbiters of cannabis policy within their jurisdictions. If passed HR 3617 would facilitate the expungement of low-level federal marijuana convictions, create pathways for ownership opportunities in the emerging regulated industry, and allow veterans to obtain medical cannabis among other things. Source I chose MJ to gain exposure to the global cannabis industry. AUM: 1 Billion TOP 10 FUND HOLDINGS (%) Grow Generation Corp: 9.66 Tilray Inc: 9.43 Canopy Growth Corp: 7.80 Aurora Cannabis Inc: 6.61 Cronos Group Inc: 6.42 Hexo Corp: 4.76 Organigram Hldgs Inc: 4.20 Village Farms Intl Inc: 3.92 22nd Centy Group Inc: 3.46 Arena Pharmaceuticals Inc: 3.26 Prospectus Fact Sheet Holdings Technicals Price action and RSI diverging for the past three months with PA finding support at about $14.00 since the bill was advanced RSI moving to potentially break above 50 and could correspond to a breakout of the descending wedge Price holding at about the Fib Extension level of 61.8%, will watch these levels closely as PA advances or declines The Trade With confidence that there will be further potential bullish sentiment for the cannabis industry on the horizon, I will be preempting a breakout and taking a position at current levels. Bull Case TP1 set at about $17.50 TP2 set at about $25 Anticipate resistance at about $16-$17 Will be watching price action closely below the $17.50 region as a substantial pullback could fill out a possible right shoulder of a head and shoulders pattern before retesting trend line and breaking low. Bear Case Price action rejection at resistance level at around $15.50 could push price down and make lower lows on the daily chart If a price drop occurs, I will be watching for support at around the $13.50 region or Fib 50% level Will look to exit position if weekly close is below $13.00 with RSI levels pushing down to or below 38.2 Approximate risk of loss on trade from current levels is about 12%-15%
AMEX:MJLong
by spreck
3
🟢 ADDED to $CRON Target 10.53 for 31.30% 🟢 $CRON Target 10.53 for 31.30% Or double position at 5.51 I added here because it bounced off of support… RSI looks great on the daily... ----- — On the far right of the chart is my Average (Grey) Current Target (Green), and Next Level to add (Red) Percentage to target is from my average. Numbers with an A are places that are a good idea to add if you can. Numbers with a D are places where you should double your position. I start every position with .5 - 1% of my account and build from there as needed and as possible. I am not your financial advisor. Watch my setups first before you jump in… My trade set ups work very well and they are for my personal reference and if you decide to trade them you do so at your own risk. I will gladly answer questions to the best of my knowledge but ultimately the risk is on you. I will update targets as needed. GL and happy trading.
NASDAQ:CRONLong
by SPYder_QQQueen_Trading
$CRON Target 10.78 for 30.35%$CRON Target 10.78 for 30.35% Or double position at 5.80 Support Bounce here too— I raised my target a little for CRONos... Let's go, canna-bulls 🤣 I'll let myself out... — On the far right of the chart is my Average (Grey) Current Target (Green), and Next Level to add (Red) Percentage to target is from my average. I start every position with 1% of my account and build from there as needed and as possible. I am not your financial advisor. Watch my setups first before you jump in… My trade set ups work very well and they are for my personal reference and if you decide to trade them you do so at your own risk. I will gladly answer questions to the best of my knowledge but ultimately the risk is on you. I will update targets as needed. GL and happy trading. I finally added my YouTube Training Video to my profile tagline since I’m not allowed to on here. It’s a quick 15 minute training video on how to set up your chart and how to spot opportunities. So check here first but If you have questions just message me.
NASDAQ:CRONLong
by SPYder_QQQueen_Trading
2
NEW POSITION $CRON Target 10.34 for 27.28% $CRON Target 10.34 for 27.28% Or next add level is at 5.97 — On the far right of the chart is my Average (Grey) Current Target (Green), and Next Level to add (Red) Percentage to target is from my average. I start every position with 1% of my account and build from there as needed and as possible. I am not your financial advisor. Watch my setups first before you jump in… My trade set ups work very well and they are for my personal reference and if you decide to trade them you do so at your own risk. I will gladly answer questions to the best of my knowledge but ultimately the risk is on you. I will update targets as needed. GL and happy trading.
NASDAQ:CRONLong
by SPYder_QQQueen_Trading
Ready or not here we go!!!So Tilray has it all, fundamentals..yes i just got the literature, healthy read, from the merger with apha and its looking fantasmagoric. The industry is heating up globaly. Canadian cannabis sector on full boom and consolidation cicle..oportunity everywhere I would thread carefully as always, cause this is a volatile industry..treat as day trade always. Be ready to cal lin the sale afterhours or pre market...if you are fe..eling overnighty.. goodluck \Just a thought
NASDAQ:TLRYLong
by eltraderche