CGC will soon set the direction for the entire sector
CGC has been getting tighter and tighter in the two weeks since the oversold bounce Sept 14th. We're at a point on the hourly chart where we're likely to see a break, giving direction for the entire sector heading into next week. Daily candle is still bearish, indicating we could see further downside to start the morning. However if we hold the low of the day tomorrow...
The most important levels for me are 53.43 resistance and 51.09 support. Losing 51.09 means we will have to wait a little longer for a break as the bulls search a new support above key level 48.02. But holding the low of today will be a very important first test.
Watch for SPY tomorrow, looking for potential further downside tomorrow in reaction to the FOMC, and watch the correlation to see how CGC responds in the face of any SPY strength or weakness.
The most important levels for me are 53.43 resistance and 51.09 support. Losing 51.09 means we will have to wait a little longer for a break as the bulls search a new support above key level 48.02. But holding the low of today will be a very important first test.
Watch for SPY tomorrow, looking for potential further downside tomorrow in reaction to the FOMC, and watch the correlation to see how CGC responds in the face of any SPY strength or weakness.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.