Good Afternoon Traders,
Due to the recent earnings report released by CRLBF and possible formation of a new Support, the recent upward trend may continue to a new Resistance. The Cannabis Industry has been releasing positive Quarterly Reports during the ongoing COVID crisis. This may prove Cannabis to be a more inelastic good than previously thought.
On the technical side, a new Support may have formed around the $4.26 range. It does not appear the trend will continue without a short-term pull-back. Bearish Divergence has formed on the 1D MACD/Price Chart. The 1D RSI is also in Overbought territory. This may be signaling a short-term pull-back/consolidation. First entry consideration would be taken if the RSI forms a lower-low and Hidden Bullish Divergence forms on the RSI/Price Chart. If RSI does not drop low enough to form a lower-low, second entry consideration would be taken when price closes above the current Resistance around $5.20
Thanks for reading. If you liked my analysis, please give me a follow.
*The above is not investment advice but simply my analysis of the current market conditions*
Due to the recent earnings report released by CRLBF and possible formation of a new Support, the recent upward trend may continue to a new Resistance. The Cannabis Industry has been releasing positive Quarterly Reports during the ongoing COVID crisis. This may prove Cannabis to be a more inelastic good than previously thought.
On the technical side, a new Support may have formed around the $4.26 range. It does not appear the trend will continue without a short-term pull-back. Bearish Divergence has formed on the 1D MACD/Price Chart. The 1D RSI is also in Overbought territory. This may be signaling a short-term pull-back/consolidation. First entry consideration would be taken if the RSI forms a lower-low and Hidden Bullish Divergence forms on the RSI/Price Chart. If RSI does not drop low enough to form a lower-low, second entry consideration would be taken when price closes above the current Resistance around $5.20
Thanks for reading. If you liked my analysis, please give me a follow.
*The above is not investment advice but simply my analysis of the current market conditions*
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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.