Descending Triangle.
This is the "exact" same chart from the other day but on a 6 month line chart; which only shows the daily "closing price" as opposed to the 1 year time frame candle chart I posted on Feb 6th which shows more trades.
Notice where the rejection point came into play on Canopy's parabolic price move on Friday? The downward sloping trendline of the descending triangle seems to be in play, and the sell volume seems incredibly bearish.
Every time Canopy's RSI gets this high we see a dump in the share price as well.
The neckline area of the Inverse Head & Shoulders pattern which called the temporary bottom seems to be holding as support for the time being, interesting.
Notice where the rejection point came into play on Canopy's parabolic price move on Friday? The downward sloping trendline of the descending triangle seems to be in play, and the sell volume seems incredibly bearish.
Every time Canopy's RSI gets this high we see a dump in the share price as well.
The neckline area of the Inverse Head & Shoulders pattern which called the temporary bottom seems to be holding as support for the time being, interesting.
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.