WEED wasn't trading yesterday so I'm looking to CGC for much of my information.
CGC today printed a daily inside bar and intraday we saw very choppy action. I definitely did not expect this after such a strong day Monday that broke daily resistance. Today's volume is in line with yesterday's volume , which is also unusual for an inside bar day. RSI is back within the descending wedge pattern after rejecting from the attempted breakout yesterday, so the hidden bullish divergence on the MACD and RSI hasn't yet, in fact, played out.
The key daily support to keep the bulls in control is 60.14.
The key daily resistance to break to see continuation is 66.19.
The gap-up bull break with no followthrough is concerning and had me looking for a wedge , but I find it difficult to draw a wedge pattern. While the American ticker has more of a parallel channel, the Canadian ticker definitely has an ascending wedge to watch for.
We are now a full month without seeing two green days in a row. Every red day we see between now and legalization is a significant strike against the possibility of seeing all time highs into Oct 17th.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
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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.