Weed: potential 2 swing trading opportunities
Updated
Hello traders,
If you remember my previous analysis for WEED, I mentioned there were two sell zones before the legalization of WEED in Canada, I am hoping that everyone made sizable profit :)
Looking at daily chart, we see that WEED found support around $41.77 and currently hovering around 23.6% fibonacci level. Usually with 46% drop like this, we should see at least 38.2% -61.8% retracement.
Therefore, if I see WEED goes above $50.11, I am looking to short at $55.28 , $59.45 , and $63.62 depending on your swing trade strategy.
However, in case WEED reject %50.11 next support is $33.89 and this will attract a lot of buyer.
Happy trading!
If you remember my previous analysis for WEED, I mentioned there were two sell zones before the legalization of WEED in Canada, I am hoping that everyone made sizable profit :)
Looking at daily chart, we see that WEED found support around $41.77 and currently hovering around 23.6% fibonacci level. Usually with 46% drop like this, we should see at least 38.2% -61.8% retracement.
Therefore, if I see WEED goes above $50.11, I am looking to short at $55.28 , $59.45 , and $63.62 depending on your swing trade strategy.
However, in case WEED reject %50.11 next support is $33.89 and this will attract a lot of buyer.
Happy trading!
Note
WEED just broke 23.6% Fib level. Next target 55. Stop $49. Trade closed: target reached
$55 target hit! Good 10% profit :)Trade closed: target reached
$59 target also reached!
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