Breakout, followed by retest of fib lineGreat continuation of uptrend, slow stochastic yesterday signaled a needed reset. Retested new fib line support with a strong bounce, need to retest next fib line resistance to continue uptrend.
Earnings coming out this month, partnership announced today, looks to be a strategic partnership to capitalize on each company's competitive advantages in the space. Surna in joining forces with a competitor rather than fighting for market share.
Surna
Breakout on volumeBroke several resistance levels today, need a close above the fib line, will get us back in the uptrend (purple line).
Strong support, next level of resistance.Strong support at .0941 at the fib line, next resistance at .1172, next fib line, following the uptrend pattern. Volume will need to pick up to push us to next levels.
Lots of catalysts to make this happen.
New Channel, Support & Resistance using Fib RetracementYou can never go wrong with using Fibonacci falling in line with human psychology and the universe itself.
Major support zones hit on the fib lines, with obvious resistance levels that are ready to break. Initial flag pattern had broken down, potential flag pattern support highlighted with lower purple line. Pinch is inevitable.
Q4 earning should be released early March. Expecting the recognition of their $2.8mil contract, in addition to their typical $1.5mil recognized from smaller contracts.
Surge in volume on positive earnings and continuation of the favorable cannabis landscape (feds and states), can push this to retest their recent high around .21.
If SRNA breaks that on good volume, then it is blue skies.
