Broke the looming down trend channel.We are holding a steady pace upward, exiting the downtrend finally, with a head and shoulders pattern finishing above the 0.236 retrace and past the downtrend channel. Closing in the red, just below the resistance line, it will be interesting to see if the H&S was a true indication of a bullish trend forming, or is that a bull flag I see directly after it? Confirmation above the resistance line at 20.09 and it should be pretty clear at that point. If it doesn't confirm, it might have been a bull trap, and it will probably re-test support at ~18.75. Hopefully we can make it past and collect the spread until the next stop at ~23.80.
Weedstocks
NAC Channeling upwardsNAC has been buzzing around $1.00 for the past month or two... Ascending channel indicates it could possibly break recent resistance and break out to new highs.
Potential Short Term Future for WEEDJust an educated possibility of what I could see happening on WEED :)
More of a tracking measure than anything, hope there may be some takeaway from this.
Nailed the bottom followed by the top today(FEB26) through a MM method.
Can't do it Captain, she don't have the powah.As we can see it has broken below the previous support line and tested twice, confirming the new positioning of the line of resistance. I have also redrawn a slightly longer chart, with a bigger Fibonacci snapshot and new downward trend line that was squeezed down to meet the upward trend that we were previously starting to form. That line has also been taken back to a further re-test point, so it gives a clearer indication as to where it will most likely bounce off of for the re-test of 9.00. If for some reason it decides to straddle the 0.618 retrace for some reason, it will inherently smack off the newly created downward trend line, as there is not enough buying power to reverse any time soon. It will be interesting to see how well it holds up from then, until the time of legalization.
Monday will tell.Will it break the green retrace line at .382? Volume will tell how far, considering it broke the triangle in the negative. Judging by the momentum and 3 line EMA I don't believe it will correct past 10.15 due to the two previous test points indicated by the blue dotted line, but if it does, it will most likely just bounce off. We just came out of a huge head and shoulders pattern, which is why this consolidation is important.
WEED - LONG TERM sees support from upcoming legalization The upper red lines have previously been resistances but now with upcoming legalization we could see the lower green line act as a support, especially since the upper red line has been broken.
WEED, Bull Open --> Short Play MiddayExpect a bullish open, from bullish market continuation on the S&P500. However, fully expecting RSI to become overbought after the bull open. S&P will cool-off, and WEED.TO will begin its sell-off.
Step 1) Ride long on the bullish continuation upon open. Look to short from of the top 3 levels as labelled on the chart. Enter when MACD shows bullish momentum slow, preferably with a crossover, and RSI in the overbought zone.
Step 2) Short from these levels, and look to cover between the .38 - .61 range. Must look to S&P500 for signals to cover. Watch MACD for slowing bearish momentum.
Always keep your eye on volume, and avoid any weak moves in either direction. Good luck! TSX:WEED
Canopy - descending channelCanopy is in descending channel, gap fills to lower trend line. $24.80 , Earnings is Feb 14th, might get a bounce. Bad news from govt about possible legalization delays and feb is not good month for sector, like 2017.
WEED.TO Bear Play for TodayTSX:WEED
I believe we will open with a sell-off because:
1) Key support broken on the S&P500.
2) Increased bear momentum upon close.
3) Incredibly bearish maruboza candlestick on the daily.
Looking back at our daily chart, we can draw a fib retracement from our most recent main leg down, to our low on the 5th. We see that yesterday we bounced off the .68 level. Interestingly, almost every other level has been respected as well. Look at how the chart lines up mostly noticeably with the .21, .32, .62, and .78 levels.
There's always the chance that it opens green. But, assuming bearish momentum carries forward on today's open, we can make several educated targets.
Short Target 1: Yesterday's support level.
Short Target 2: Prior support, using levels established before January's run up as well.
Short Target 3: .78 A fib extension, produced from A--->B. This represents a -10.64% move from yesterday's close, and would definitely be best case scenario, and final target for locking in profits.
WEED perfect fib boucesWow volatility is CRAZY!! making fib bounces within days. Not wasting any time hitting targets!
Target for WEED reached at 30$ retracing to 62% fib.
Now hopefully a short back down for the final correction wave from the ABC pattern
First target pickup is at 21 again, second is at 16$. Good luck and remember to take partial profits in case in keeps running upwards, WEED could very well keep going to 35$ but don't fomo, patience is key, it will come back down again before legalization.
THCXExpect a nice trend out of THCX.
Aggressive drop, hammer, inside, outside, inside, followed by a sustainable uptrend.
Have my buy alert to go off when we get a nice full body above the outside bars wick.
May stumble as we reach that upward fractal level.
Canopy MA w/TSX - Feb.OTC:TWMJF is plummeting and if it completely breaks its 60 MA it will probably be headed for the 90 MA support line. Canopy is also perfectly in line with the TSX:TSX , if the TSX recovers, Canopy will probably rise back up and at least break to the 30 MA resistance line. Well, that's my prediction.
SPX Monday Bounce Play, /w 2 plans of action.SP:SPX
I am currently trading in the Canadian weed sector (WEED.TO), which have been closely following the SPX. Planning trades successfully means paying close attention to SPX, because of how closely they are correlated. We have not seen such a substantial daily price drop since September 9th, 2016. Let's compare market conditions based on RSI, MACD, and price movement.
Friday, Sept 9th, 2016:
a) Daily RSI just hit 31.94, moments from entering oversold conditions.
b) Bearish MACD, with cross below the 0-line.
c) Gap down pre-market, and a -2.46% drop, followed by +1.81% rise the following day.
d) Friday sell-off, leading into the weekend.
Friday, Feb 2nd, 2018
a) Daily RSI 46.81, following a sharp cool-off from being in the overbought zone for all of January.
b) Bearish MACD, but above the 0-line.
c) Gap down pre-market, and a -2.54% drop
d) Friday sell-off, leading into the weekend.
e) On the weekly, we have just exited overbought conditions. Next week could be our chance to rebound to the upside, on our freshly cooled-off weekly RSI.
1) What can we predict, based on these observations?
Using the daily RSI, we can see that every time it has tested the oversold line, we saw an excellent bounce to the upside. We aren't quite there yet , but could easily reach the oversold line on Monday or Tuesday, depending on market action, and we'll want to be in our positions for it.
2) Will Monday open lower, and set the scene for another week of sell offs, or will we see a bounce?
The million dollar question. I believe that Monday will open lower, based on the momentum of last week, and drive prices closer to the oversold line, before sharply pulling back either midday Monday, or Tuesday on open. This is because bulls are likely waiting for a safe entry, and bears will likely resume in control upon open. Hourly RSI is oversold, so the countdown is on. The first 30-60 minutes of weak bearish momentum, coupled with buy signals coming from the heavily oversold hourly RSI could signal to bulls to enter. I am sitting on cash, and will plan my entry on Monday based on how the market opens, with either a strong gap down and heavy momentum, or a weak open leading to brief lower lows.
3) Where's the bottom - When to enter long?
As I have stated, I believe that Monday will open lower, on low confidence early morning (bulls are waiting for safe entry), with a reasonable 0.43% decline to the .61 fib level. From there, RSI levels on the daily may finally have bottom out near the oversold line, and in combination with the .61 support levels, I expect to see our rally for the day. Psychologically speaking, a lot of players will be sitting out during Monday's open, fearing the bottom isn't in. However, as stated: a weaker open to lower lows, and the heavily oversold hourly RSI may signal to buyers that the bears are losing momentum, signaling safe entry for the bulls . That being said, I have prepared two plans of action based on the momentum of Monday's open.
Plan A - If the market opens with a weak drop to lower lows, I will be looking to enter my long positions as the market recovers at the .61 fib extension (extending from December 29th's low, to January 25th's high), at $2749.
Plan B - If the market opens down with strong momentum, I will look to the .78 fib extension level (which coincidentally, coincides with our 50-SMA), at $2715.
4) What if the .61 level doesn't hold?
Our next target is the .78 fib level at $2715, which coincidentally, coincides with our 50-SMA. If it hits this level of support, there is a very strong chance for a reversal to the upside, based on oversold RSI levels and substantial support at the 50-SMA. I will be looking for a long entry if price tests and holds above the 50-SMA. If it cuts through the 50-SMA like butter, I believe we are facing the beginning of much more downside.
WEED- that familiar BUBBLE. SHORT this monthWEED is overbought. Will correct to a healthy upward channel this month.
Long on Canopy. Strong bullish trend.We are approaching the same point as last year, canopy made major gains in November 2016 and December and then receded into a correction followed by a bull trap in February 2017 and subsequent spring-summer downward selling pressure. The reversal we saw from the summer prices was due to canopy performing and executing on their plans. The days of heavy speculation (early 2015- mid 2017) are ending and the volatility is reducing in degrees to more friendly levels, which in turn is bringing in new interest from baby boomer generation investors who seek stability and manageable growth as well as institutional investors who are more comfortable with the industry now compared to two years ago or even a year ago. Industry wide positive catalysts ( supply deals, expansion completions,mergers) , increasing institutional demand and major industry partners ( big liquor, big pharma, big tobacco) are driving the industry to new heights.
The reality is we are going to see periods of corrections/pullbacks, but as the chart indicates so far, each correction and pullback allowed for the healthy development of the overall upward trend. Personally the next two years for canopy look very promising, and we are going to see brand new 52 week highs each year.
MYMMF pennant breakout with gap up confirmationMYMMF canadian cannabis company made a small breakout yesterday evening shown by my previous graph yesterday. This morning full confirmation breakout, it gaped up on relatively higher volume through heavy resistance at 2.8$ resistance. Here would be good entry for a run up, this stock might test new all time highs in the coming weeks.
MYMMF is making a consolidation at 2.7 needs confirmationMYM Neutraceuticals making a bullish consolidation at 2.7 levels and is looking for the next big move. Notice increase volume at the bottom in an uptrend. Looking to break this resistance at 2.9. If it Gaps up and breaks pennant increased volume it could reach new all time highs.
ACB in its last correction wave releasing good newsACB looking like its completing one last correction wave before stabilizing somewhere in the $9-$11 region. That being said they have just released great news so this could interrupt the last correction and continue on its bullrun but i find this unlikely.
All in all, don't try and fight the bull market. Cannabis is exploding right now and you'd best hold this one, it still has much more room to grow. That being said, a short around soon to be 13$ could be possible since id like to see it consolidate around 11$ before taking off again.
EMERALD HEALTH THERAPEUTICS INC TSXV EMH PRICE ANALYSISEMERALD HEALTH THERAPEUTICS INC TSXV EMH
Watching current price movement. Correction might not be over but price direction looks promising. Trade active since $5.50.
Disclaimer - Novice trader learning technical analysis and posting ideas to learn. Please don't take this as financial advice.
LG.v Technicals Looking GoodLG has some good looking technicals at the moment.
Falling wedge forming nice.
Also could be a pennant with the older trendlines.
Flirting with the 100MA and this has shown great support for a swing trade in the past.
Stochastic is pretty low, but could stay down.
RSI is not quite oversold but showing resistance to going down any further.
Money flow has stayed somewhat strong.
MACD is curling up at the moment.
Key levels at .59 and .92. These will act as support and resistance.
I will be taking a position from .66 and building my position all the way down to .60 if the wedge breakout does not occur.
Planning to sell around the .87-.89 level. Also opportunity for a breakout play down the road if we are see great trend support as it nears the .92 level.
MYMMF wedgeMYMMF making a wedge (ascending/descending?) and could break high before stabilizing again around $2.5 region and consolidating before making another bullrun before legalization
