CGC Daily Review
1/24/2020
After 5 days of consolidation, CGC broke the trading range.
An hourly close below the $23.60 "zone" did prove to be the an early warning signal, giving traders an opportunity to stop out before falling another 3%.
It was noted on the 1/21/2020 daily review, that "One can be long against the $23.60 zone, but price can fall down to the $20.14 level before invalidating the Bull Thesis." This still rings through.
There are a few different "zones" that could be supportive before we get to $20.14.
1) $22.25 - $22.38
2) $22 psychological
3) $21.56 - $21.80
4) The Red Neckline
Was today a bear trap? (Not uncommon for wedge-ish patterns) Will the bulls take back control pushing price back into the flag?
Monday's price action will be telling one way or another. Keep an eye on hourly closes.
As always, NO GUESSING!
After 5 days of consolidation, CGC broke the trading range.
An hourly close below the $23.60 "zone" did prove to be the an early warning signal, giving traders an opportunity to stop out before falling another 3%.
It was noted on the 1/21/2020 daily review, that "One can be long against the $23.60 zone, but price can fall down to the $20.14 level before invalidating the Bull Thesis." This still rings through.
There are a few different "zones" that could be supportive before we get to $20.14.
1) $22.25 - $22.38
2) $22 psychological
3) $21.56 - $21.80
4) The Red Neckline
Was today a bear trap? (Not uncommon for wedge-ish patterns) Will the bulls take back control pushing price back into the flag?
Monday's price action will be telling one way or another. Keep an eye on hourly closes.
As always, NO GUESSING!
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