TNYBF has broken flush to the upside of a descending channel.It appears as though TNYBF has broken the downward sloping resistance of a descending channel, and upon back-testing old resistance, it has turned into support for the time being.
The Williams Alligator bands are widening to the upside which is inherently bullish and exactly what traders look for in healthy uptrends or a defined shift in momentum.
On the DMI we've seen a bullish cross where I've placed the downward green pointing arrow.
BKTS trade ideas
Falling Wedge breakout on the RSI for TNYBF.TNYBF has broken flush out of a falling wedge to the upside on the RSI, when a stocks price has been falling over time, a wedge pattern can occur just as the trend makes its final downward move, hopefully, that's what has occurred in this situation.
Tinley's breaking the downward sloping resistance of a bullish flag on the price action outlined in dark blue, only modestly at the time being, it would be ideal to see a flush breakout and a re-test of the downward blue sloping resistance, turning old resistance into new support. If we see a rejection in the upcoming trading days, the baseline of support of the pattern will need to hold to prevent this from playing out bearishly as a descending triangle, like I have hypothetically drawn in green on the price action.
Very noticeable bullish cross on the KST, this is exactly what you want to see in a bull market, it's normally bullish, for now. See previous blue finger icons as previous examples.
Maybe we see a H&S type of pattern on the KST, that's if there's continued upside from here, I have drawn a green line to make a hypothetical example.
Always the possibility of a blue sky breakout, depending on Macro developments over the upcoming months.
Is TNYBF trading in a Ascending Triangle?Possibly a Ascending Channel , but on the RSI there is a noticeable divergence.
Is TNYBF trading in a Ascending Triangle?We've had the highest volume on the U.S side this year recently, along with the highest short on TNYBF on Dec 24th with 100% of the trades short, keep in mind it's not uncommon to see over 50% of TNYBF short, TNY on the CSE usually trades much higher volume, which is the Canadian ticker symbol.
Anyway, this recent move has put TNYBF over the MA50&200, and it also appears like we're trading in a Ascending Triangle.
Key Takeaways
The trendlines of a triangle need to run along at least two swing highs and two swing lows.
Ascending triangles are considered a continuation pattern, as the price will typically breakout of the triangle in the price direction prevailing before the triangle. Although, this won't always occur. A breakout in any direction is noteworthy.
A long trade is taken if the price breaks above the top of the pattern.
A short trade is taken if the price breaks below the lower trendline.
A stop loss is typically placed just outside the pattern on the opposite side from the breakout.
A profit target is calculated by taking the height of the triangle, at its thickest point, and adding or subtracting that to/from the breakout point.
Strong Company in Cannabis Beverage SpaceNot sure what Tinley is going to be doing in the coming months as the cannabis and cannabis beverage sector heat up. We know their products are stellar and their management team is excellent despite some underwhelming financials. Some huge news coming soon with their new bottling facility and Canadian partnership being announced. Midterms and US cannabis reform may also inject some much needed momentum on the US side. Although a 2-year history is nearly meaningless, time will tell if it breaks out as it has done in historical fashion. GLTA
