VRNOF - Cannabis StockDown trend appears broken. Market structure has not shifted.
Retesting breakout of downtrend.
Appears more bullish above $5.6
VRNOF trade ideas
Verano Holdings Corp. (VRNOF) Chart Analysis July 2022After near perfect prior Verano Holdings Corp. chart analysis, from deep (6 months in the making) price prediction and wave theory, I return to update the VRNOF cannabis chart forecast.
What appeared to be an early to mid August bull run still looks like it could play out, but this marijuana stock ticker (likely others) will want to sell more, leaving me to suspect that there's (again) no legalization that makes it through and will likely retest in November (could be all smoke and mirrors too, as a knife could happen on the monthly and correct soon than expected).
Upon the downturn, theses levels are my price targets:
$4.87 - $4.54 - $4.26 = PT
$4.17-$3.87 = Possible Cycle Floor
$3.26 - $3.17 = If Aug. bull run fails (look to retest correction in Nov.)
Verano ($VRNOF) Cannabis Chart Analysis$VRONF CHART ANALYSIS
Verano Holdings Corp. has displayed some wacky-tobacky high and low price action, leavening investors in a cerebral haze, but can a 420 session help investors get high as a kite? -- Not likely. Also, I support all healthy cannabis avenues and put neutral in strategy as this is purely educational and follows past and current trend.
This will be my first published idea, so be easy one my analysis. I've been seeing a lot of social gurus pump pot stocks that just seemed silly and it really got me wondering if it's possible some of these social media influencers are actually short on a lot of these cannabis stock tickers and really playing both sides of the field. I have no problem with those shorting a short, but when they post misleading charts to get retail involved, it just doesn't sit well. Maybe I am not seeing thing right?
$VRNOF is clearing following the same sell off trend as all cannabis sector, continuing all of last years bear claws. Without telling you how much tinfoil I wear, I think it's safe to say the trend doesn't seem to want to pivot towards the upside... not until this cycle completes.
On the weekly chart, we see the extension that pivots into a big running-flat around mid Oct. '21. This running-flat hit it's threshold on Fed. 14th '22 and would start the new wave down on the sell side. You can also confirm this transition with the MACD displaying divergence.
This new leg down will likely kiss $7.40ish and start gaining some support around $6.70ish and finally seek correction around $6.40ish. I have alerts set for these price amounts and will wait to re-enter my long position if that correction transitions into a bull trend.
If you have any thoughts or questions about my analysis, I will be happy to share my thoughts in the comments.
Morning Star Bullish Bullish MarubozuWe have a Morning Star and the Bullish Candle happens to be a Weekly Bullish Marubozu and it is showing Bullish Divergence and the MACD and RSI nearing a Breakout of a Parallel Channel if we get continuation in the coming weeks given the MACRO in the sector we could see something big happen here.
VRNOF, Marijuana Money MakerVerano Holdings, 2H: Implied reversal with the class A bullish divergence at the pattern completion zone of a Bartley (butterfly+Gartley) harmonic which retraced to the 0.886 Fibonacci. Easy stop-loss at local low manages risk since this is a recent IPO. Great fundamentals such as dispensary openings in IL + the potential supportive legislation in NY state provide fundamental support. Not a bad idea to keep some position past target 2 for new ATHs.
