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WEED trade ideas

WEED technical analysisGood evening fellow traders, Pot legalization was finally confirmed by Trudea on October 17, 2018. Keep that in the back of your mind under the fundamentals tab. This post is about technicals. With that said, here is my analysis of the WEED company. MACD and the Force index dictates a bearish momentum WEED(thats 2 points checked for the bears). The moving averages are still bullish but given on their 50-100-200, it might take a few more days before they turn to the down side as well (for now, 1 point for the bulls). As for the top down analysis, we can see that the candle has failed to make a higher high and a higher low from the 3 previous highs peaks (1 points for the bears). With that said, I see the price falling down to either of my lined up support levels. The first support at 34.53 were proven to be a strong resistance before by 3 peaks before we broke it to our new all time high. The second support is between 30.26 and 31.52. These levels were strong support were shown from previous candles. My 2 cents: I will wait for the price to hit my certain support levels and have my MACD/EFI and confirmation candles of reversal to the upside dictate as to whether I were to enter a long position or not. It's still too risky to hit a short position because of the volatility. It's always safer to bet on the long than the short because of the upcoming legalization at the end of Q3. Thanks for reading my post. This is Balanar, the Night Stalker. I stalk these charts... day and night!
TSX:WEEDLong
by balanar_NS
My Elliott Wave Count for WEED.TOI have labeled my Elliott Wave Count for WEED.TO as 3 waves in and possibly 4 waves in. We will see a bounce very soon today or Friday . I think a 10%move up,once pivot low is reached. Initial Target zone once we reach the pivot low is between $56 and $60 assuming there is no extension for wave 5. There were sub 5th wave extensions for greater wave 1 and wave 3 so it should not surprise me if there is a sub 5th wave extension for greater wave 5. If 4 is still not in then I see the next landing zone as the (.618/$31.5) and (.65/30.60) Fib Golden zone region. This is not financial advice, just my view on what I perceive from my limited knowledge of Elliott Waves. If we are going to go to the golden zone then in my opinion we will have to bounce somewhat to reset some RSI’s. The 15,30 and 60 minute RSI’s are all over sold and the 4 hour RSI is approaching oversold.
TSX:WEEDLong
by Jerdy
2
3-3-5?Ive considered many times that the all time high of $44 may have been wave 3 , however there is also the possibility that we are now in wave C of a flat correction. I would like to quote from the Elliot Wave principle book " Since the first actionary wave, wave A, lacks sufficient downward force to unfold into a full five waves as it does in a zigzag, the B wave reaction, not surprisingly, seems to inherit this lack of countertrend pressure and terminates near the start of wave A" . As some other MJ stocks have done more zigzag patterns ,WEED did not. To me it seems to be fitting the shape of the flat correction as we see here. This is how i interpret the possible outcome nothing is set to scale.
TSX:WEED
by edwinv89
WEED - Double Top or New All Time Highs?We have seen some very bullish action in Cannabis stocks recently. With the Trump administration signaling less regulation and Canada legalizing it for recreational use, there seems to be nowhere to go but up. If WEED is able to crack strong resistance here and break above to new all time highs, I think this would be an excellent entry for a long term investment. Note that the WEED broke to the upside of a rising wedge, which is usually a bearish pattern, but in this case I think it only emphasizes how strong the bullish price action currently is.
TSX:WEEDLong
by ttrending