CRON has been in a tightening pattern for several months now, and is now getting extremely tight on the lower time frames. Although these tightening patterns usually are fairly neutral, personally I am leaning bullish, due to TSX:WEED recently breaking bullish from a very similar pattern.
Zooming in on the Daily, there are more key levels of support and...
NASDAQ:CRON has been consolidating in this range for months now, creating a very noticeable Bullish Triangle.
Will be looking to enter at around $5.75 (triangle support).
Possible Outcomes:
- Triangle Breaks and follows thru to +- $8 area with a huge profit of +40%.
- Triangle fails to break , we fall back to the $6 (would sell before going bellow $6.30)...
Cron might be about to 'get high' it looks like it is losing downward momentum on the MacD indicator, the RSI line is nearing the bottom and it is also getting closer to the bottom bollinger ban. It might still have a few days to go in order to hit bottom but price looks like it is already starting to level off from the down swing. Might be a good entry point....
I think Cronos has found solid support off the 200 day moving average on strong volume.
I am definitely long medicinal and recreational marijuana companies in both Canada and US,
but you have to stick to those with solid fundamentals and long term strategies. Cronos has
shown attention to detail in both arenas and is continuing to build its portfolio.
With 4/20 tomorrow I thought this idea was timely. After a huge sell-off that coincided with the general market's decline during March, CRON looks to be making another run after finding support at $5.10. As you can see the FIB 50 resistance was too much for the first attempt, but CRON has consolidated nicely and has found support at FIB 38 retracement level...
After drawing up the APH and ACB chart I noticed an eerily similar channel which I highlighted in Blue. Could this be the next step for APH and ACB? I am willing to bet on it.
Ok lets look at CRON. CRON was a beast today. It broke 7 once and the rocketed up a solid 14%. On the low of the day to the high CRON Moved over 20%. I expect this run to continue. You...
Cronos is a great test-case for what happens when a Speculative OTC stock goes to the big time market. They shot up 30% in the days after it went from OTC to the NASDAQ on some HUGE volume.
I personally like Cronos a lot. Mike Gorenstein seems like an excellent CEO and they are setting themselves up really nicely in terms of the international picture.
HOWEVER....
