Run for your life... JK
In all seriousness this stock is and has been overvalued for a very long time. Charts starting to reflect this.
With the failure to break ATH weekly close its starting to form a double top formation.
Especially with this weeks candle opening below last weeks red candle it is adding to my confidence on the short.
Ultimately the target is as highlighted in the chart but it is reasonable to take profits along the way.
I will update the chart throughout the weeks.
In all seriousness this stock is and has been overvalued for a very long time. Charts starting to reflect this.
With the failure to break ATH weekly close its starting to form a double top formation.
Especially with this weeks candle opening below last weeks red candle it is adding to my confidence on the short.
Ultimately the target is as highlighted in the chart but it is reasonable to take profits along the way.
I will update the chart throughout the weeks.
Comment:
Target hit
Still convinced my short will generate some profit. Despite all the great news coming out reinforcing the bullish case for CGC the prices are yet to break ATH or even the weekly high close for that matter. In conclusion I believe the news is not able to propel CGC to a new high in prices because most of the speculative investors are already IN the stock. Once the earnings and numbers come out my bet is this thing will tank.
Eventually the market will realize the evaluation is out of sorts and correct to sub 50 CAD per share.
Will update again next week.