Zoom out. CGC has been making higher lows and higher highs on the monthly. In November it printed a hammer stick candle on good volume indicating that the sellers are exhausted. Most importantly the low was the last monthly swing high making it a great bounce point for the start of the move.
A great set of bullish convergences are forming... The 50 month SMA held. We are getting a couple of monthly greens in a row range expanding to the upside and the stochastic RSI is ready to charge full force to the upside on a monthly upswing.
Now on the lower time frame confluences!! Some real * dope * stuff. On the daily we bounce off the low with mongo volume. On top of that we are printing an inverse H & S. The measured move for that is +65%. We are also not overextended in any of the time frames.
On the weekly we are on a nice uptrend now above the 200 SMA. Plenty of room to go up since we just came off the oversold.
Ok Chad but when do we know if rekt? I'd not like to see a lower low on the weekly so 18.4 area is the SL. Also get some protection from the 200 week SMA.
How did I arrive to the $100 mark? If we look at previous expansions from swing low to high that's about how much CGC likes to climb. A break of ATH will make this go parabolic.
Take me high weed stock.
The one the only the Chad. Follow me on twitter for mode Chadnalysis.
twitter.com/Megachadtrader
A great set of bullish convergences are forming... The 50 month SMA held. We are getting a couple of monthly greens in a row range expanding to the upside and the stochastic RSI is ready to charge full force to the upside on a monthly upswing.
Now on the lower time frame confluences!! Some real * dope * stuff. On the daily we bounce off the low with mongo volume. On top of that we are printing an inverse H & S. The measured move for that is +65%. We are also not overextended in any of the time frames.
Ok Chad but when do we know if rekt? I'd not like to see a lower low on the weekly so 18.4 area is the SL. Also get some protection from the 200 week SMA.
How did I arrive to the $100 mark? If we look at previous expansions from swing low to high that's about how much CGC likes to climb. A break of ATH will make this go parabolic.
Take me high weed stock.
The one the only the Chad. Follow me on twitter for mode Chadnalysis.
twitter.com/Megachadtrader