Those of you that have followed me for a while, know that I am long term bearish CGC for two simple reasons: overvalued and corrective structure.
CGC made an ABC off the March lows, which suggests that we should expect at least one more low before a sustainable break higher.
We lost the degree for the impulse wave up. We were anticipating a move to the $32-$35 range, but bulls are running out of time and support. We lost the hourly MA50, price action moved outside the bullish channel. There is a chance that wave 5 truncated at $29 resistance.
Daily charts show a bounce on MA21. The way I see it, is that losing Friday's low next week (losing the daily MA21) would see continuation to the downside.
Either way, as I have clearly shown in previous charts, when this current move reaches its top, I am expecting a retest of at least the $18-$20 range. This assessment is valid for ALL Canadian assets that made an ABC bounce off of March lows.
CGC made an ABC off the March lows, which suggests that we should expect at least one more low before a sustainable break higher.
We lost the degree for the impulse wave up. We were anticipating a move to the $32-$35 range, but bulls are running out of time and support. We lost the hourly MA50, price action moved outside the bullish channel. There is a chance that wave 5 truncated at $29 resistance.
Daily charts show a bounce on MA21. The way I see it, is that losing Friday's low next week (losing the daily MA21) would see continuation to the downside.
Either way, as I have clearly shown in previous charts, when this current move reaches its top, I am expecting a retest of at least the $18-$20 range. This assessment is valid for ALL Canadian assets that made an ABC bounce off of March lows.
Nota
On the weekly charts, it has support from EMA20. Could go either way.
🅱🄰🆁🅺🆆🄾🆁🆃🅷
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🅱🄰🆁🅺🆆🄾🆁🆃🅷
Aviso legal
As informações e publicações não se destinam a ser, e não constituem, conselhos ou recomendações financeiras, de investimento, comerciais ou de outro tipo fornecidos ou endossados pela TradingView. Leia mais nos Termos de Uso.