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.
노트
On the weekly charts, it has support from EMA20. Could go either way.
🅱🄰🆁🅺🆆🄾🆁🆃🅷
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.
🅱🄰🆁🅺🆆🄾🆁🆃🅷
면책사항
해당 정보와 게시물은 금융, 투자, 트레이딩 또는 기타 유형의 조언이나 권장 사항으로 간주되지 않으며, 트레이딩뷰에서 제공하거나 보증하는 것이 아닙니다. 자세한 내용은 이용 약관을 참조하세요.