CGC - DAILY TECHNICAL ANALYSIS W/ WEEKLY CONSIDERATION - STOCKS

Here is one for the cannabis stock bros. If you look at CGC on the WEEKLY it looks a bit cleaner. I think we have a 'failure to continue trend' or a "hold of support' signal here. Green line is where I want price to bounce next. Doesn't mean it has to. The boys could push it lower of course, but its not a bad spot to try and long this, in my opinion. My stop loss would be at the previous lower low depending on how heavy I entered. I would layer some orders around/below the green line. If you don't have the guts to hold to lower lows then get out at the first red line or (less desirably) somewhere in between the two red lines. No shame in doing so. Profits would be the above orange lines.

Good luck out there.

Clearly NOT financial advice.

Commentaire:

Got a little bit of a bounce here. Let's see if it can keep momentum upward.