CGC reached resistance, short entry
Updated
CGC had quite a good day today.
It touched the red trendline and I believe it pulls back to the support @18.25.
On May 22nd it closed at the same point as todays resistance. Then it gapped up and fell back hard.
So I believe there are many sellers above the resistance who are happy to get out without a big loss.
What speaks against the trade is the high volume today (which already vanishes) so I just open a small short position.
It touched the red trendline and I believe it pulls back to the support @18.25.
On May 22nd it closed at the same point as todays resistance. Then it gapped up and fell back hard.
So I believe there are many sellers above the resistance who are happy to get out without a big loss.
What speaks against the trade is the high volume today (which already vanishes) so I just open a small short position.
Trade closed: target reached
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