WEEDCA trade ideas
WEED - letting the dust settleWatching the WEED.TO range from low of Friday to high of today. Today's low bounced right off the golden pocket of the fib pull with swing low as the oversold bounce low, to the high of today. It will be interesting to see if that holds. I'll be remaining very patient as the next couple of days set a tightening range with new levels to play off of. The break of that tightening pattern will set momentum for the days to follow. I find the most clarity here on the 4hr and daily charts.
The bear volume today was significant
We know there is ETF balancing ongoing this week that must settle up Friday, so I am leaning towards seeing more selling pressure into tomorrow and Friday.
Iv'e got good news and bad news!Bad news is the stock crashed towards the end of the day today. Good news, there will be a strong bullish recovery on open tomorrow - Highs ranging from 67.73 - 69.94. Comments made on CNBC mostly to blame for windfall. Similar events in the past have happened and the end result is a strong bullish recovery in the morning. Expect a gap up in the AM.
WEED Going DownBroke through previous upward channel, found support on the 0.5 fib, but failed to make a higher high. Bearish divergence on the RSI and Stoch is looking to form a bearish cross. Reversal indicated via heikin ashi as well. Rapid dump indicates this is not a simple bull flag. Volume has also been decreasing during the rebound off the last dip. Expect a retrace to at least the 0.5 fib. Likely will find support around the 100 Day SMA as it has done previously.
My opinion not financial advice
WEED.TO tightening range on watch this coming weekWEED.TO After retracing .5 of the move up from the low of consolidation before the constellation news to recent all time high, I'm now watching for a lower high to be set somewhere between $64-65 range. If we get a quick push up Monday to that area I would expect enough profit taking to have us looking back down to find a new base of support above Friday's low $52.80
Long position: WEED. Good morning Traders!
The last candle on Sept 14 had a low of 52.8CAD. It landed right on the 61.8% fib tool. This usually signals that the stock has "breathe", and it is ready to continue going up... meaning the bull run is not over yet. WEED's new all-time-high reached 74.45CAD. It is currently sitting at 61.52CAD at the time of writing this idea. Moving averages remain bullish and RSI is in the neutral zone.
Personally, I would enter this position but the opening price has to open above 50% of the candle's body from Sept 14. If it does, I will enter a long position with a contract that will expire after October 17th. I speculate that the bullrun will go a few days before Oct17th. The dump will then happen the day before, the day of, and the day after the 17th. Once that happens, I will then enter a short position and ride it out until it hits the new support which was the previous resistance(upper blue line).
I stalk these charts day and night. I am BALANAR!!!!!
Will we see 80 by November?We had the pullbacks as expected. (a nice little short).
Now it appears we may have another small pullback forming or more likely, just a consolidation.
Then our final push to 80 bucks by Oct 17th./Nov 1st.
Then as we enter the November profit taking season I would think we would see a strong pull back to 60 zone.
Long term (Months)
A solid investment, buy on the dips.
This is purely opinion, and opinions are expensive if you marry them.
The market has an obvious bullish bias, and I don't expect that to change anytime soon.
I use trend channels as guide to help me take advantage of swings and price movements.
As always, never risk more than you can afford to lose.
I am not a professional trader, just an average guy looking for opportunities like the rest of you.
The Runs Not over - Strong Rebound over the next weekSpooked by unconfirmed reports of a spookster that stated, The US would not allow Canadians who smoke, invest or do business with a Marijuana is a falsified claim. Stocks will rebound and rebound hard they will. Within 2 weeks time, we will be retesting 52 week highs leading into legalization. Strong bullish bounce coming in the morning.
WEED could see some consolidation before surging upwardsAs WEED is the primary driving force in the sector, its performance is important for everyone else in the cannabis space. Baring any huge news events, some consolidation is likely (but not certain) next week for most cannabis names.
My thoughts are outlined above. The cyan lines represent potential price trend and action heading into legalization, but this could change rapidly depending on news events. I wouldn't be surprised to see a ramp-up of announcements heading into the big day.
Use your own judgement before investing and always use a stop-loss.
Retracement Probable on Tuesday.AO is showing downward trend, RSI has little room to the upside, trend is bearish as is trade volume, short term indicators on daily, hourly and minute charts showing same patterns. 52 point indicators along with media announcements r/t MJ industry are showing over hyped evaluations. A break above 62.83$ is required for continued trend. Special news announcements will be needed for this to continue. Currently recommending a short sell.
WEED back within an old narrowing ascending channelWEED.TO finds itself back within an ascending channel, for the first time since losing it June 26th. Indicators on larger time frames are getting very extended as the price level tests the upper limit of the channel, and while the price is at all time highs and running on both hype and news, I do believe at least temporary consolidation is in the very near term future. That said, I expect this reentry to be rejected and for a new support level to be found.
