WEED.TO Bear Play for Today

9 févr. 2018

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.

9 févr. 2018

Note

Expecting S&P500 to roll over red midday. 24.33 final target looks very plausible from here.