notgonnabesuck

notgonnabesuck

2/6/2020 CGC and the rest of Potstocks are breaking down on the ACB news. A big move has been building and the MMs are using this to bring price to their destination. We have had a target of $20.14 as the stop or invalidation of the bull thesis. As of 9:20am, price is under that number. This will either be a great BUY or price is going much, much lower. ...

notgonnabesuck

2/5/2020 (Apologies for the lack of updates, traveled for job #1 last week and caught a cold. Back now!) Where is price, and what's going on? The Bull Flag from 1/13 is now on Day 13 of consolidation. Priced closed with a doji below EMA20, yet inside the yesterday's trading range. A descending channel has clearly formed. Is this bullish or bearish? Until...

notgonnabesuck

1/28/2020 The question yesterday was "is the market trying to tell us something with the Doji on an important number." The answer is YES. After being thoroughly rejected by EMA20, price gapped above it at open, quickly closed the gap and it was off to the races. CGC closed at HOD, up nearly 11%, and back above the previous support "zone" at $23.60 While the...

notgonnabesuck

1/27/2020 CGC gapped down with the rest of the market this morning and ended up closing near the low of the day. On Friday a few areas of support were mentioned, so it shouldn't be surprising that here we are again at $21.56. While the bull thesis is not yet invalidated (hourly/daily closes below $20.14), probability of bull continuation diminishes the longer...

notgonnabesuck

1/24/2020 Weekly inside bar after the bull break last week. Price closed near the low of the week. Not a great sign for the bulls. However, as it has been mentioned on the daily reviews, the bull thesis will not be invalidated until we have a close below $20.14. Price currently sits at EMA20 and has a few zones of support underneath (check daily...

notgonnabesuck

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...

notgonnabesuck

1/23/2020 Consolidation Day 5. No change, again. $23.60 zone continues to be supportive. Anyone playing weekly options could be making a killing. (Not my style) Price came right into the "zone" at open and yet again ripped 5% in under an hour. This pattern is bullish until it isn't. First signal would be hourly an CLOSE below that level. Until and unless...

notgonnabesuck

1/22/2020 Another day of consolidation on decreasing volume. No change from yesterday's update. CGC tested the $23.60 level again this morning, and yet again it was support, ripping 4% in less than an hour. Remember HOURLY closes below this $23.60 level will be the first signal that lower prices are ahead. Until that happens, a spade is a spade, and this is a...

notgonnabesuck

1/21/2020 Price is consolidating from the bull flag that was created on 1/13. The three previous bull flags consolidated for 10, 14, 7 days (respectively) before continuation. CGC is currently on day 3 (Canadian ticker $WEED is on day 4, due the holiday on Monday) One can be long against the $23.60 zone, but price can fall down to the $20.14 level before...

notgonnabesuck

1/17/2020 A short update as I just published a weekly chart. As mentioned on Thursday a fight was happening at the $24 level. Knowing it was Options Expiration on Friday, market makers would like burn premium in both directions. In order to keep pressure on the bears, bulls needed to prevent "Hourly Closes below $24, and certainly $23.67" Price came right to...

notgonnabesuck

1/17/20 After consolidating for 7 weeks, CGC was able break above the heavy resistance at the $22 level. Price is approaching and/or is in the zone of the implied move from the 11/18 weekly bull flag Weekly EMA50 is is just over 12% away at $28. Is that the destination? Is the upper wick indication that the move is running out of steam, or is CGC just getting...

notgonnabesuck

(Forgot to publish yesterday after close, life happens..) 1/16/2020 After 3 days of forming higher highs and higher lows, CGC began hourly consolidation. Bulls put up a fight at $24 all day, but be ready for bears to try and push below that level. Hourly Closes below $24, and certainly the $23.67 fib level, would point to daily consolidation. If today's low...

notgonnabesuck

1/14/2020 Momentum clearly with the bulls as price and volume increase in tandem. Affected by a negative reaction to the APHA earnings, CGC came down to back-test the top end of the trading range, around 21.80, giving daily candle a long lower wick. Continuation of this bull move is to be expected as long as we continue to make higher highs. A supply of...

notgonnabesuck

1/13/2020 Price closed near HOD at 23.11, above all nearby resistance.Bulls have the ball As mentioned on Friday, wedges love to give false breaks, and the market threw one out of the gates. We've been long against 19.90, this morning was yet another opportunity to position long. With Daily Close now above 23 (21.56 especially), we expect a vacuum higher as...

notgonnabesuck

1/10/2020 The Bear Flag from 1/2 has given rise to the rising wedge pattern that is now visible on the Daily. Price reversed again off a slight breach of the Flat neckline putting in a high of 21.25. Be on a look out for false breaks in either direction Supply is still at 21.56 Support at 19.90 Fib Holding RSI 50 Fewer Sellers at 2150