CRON dump on earnings puts us near historical bounce pointsCRON is close to historical bounce levels on the back of negative reaction to earnings
CRON trade ideas
$CRON They highs have worn off in Cannabis. Like all others within the sector CRON has hit a brick wall as investors have rung the register and moved onto more stable sectors. Commentators have referenced the Cannabis stocks as a bubble sector and looking at the charts it is difficult to argue. Cronos by no fault of its own, has reached a crazy valuation while still in the development stages. This earnings report may give a spike in revenue but also a spike in costs which may trigger more selling. On the positive side it could be suggested that the stock is already washed out after months of continual selling, the declining volume profile is a good gauge.
Company Description
Cronos Group, Inc. engages in the production and sale of cannabis in federally legal jurisdictions, including Canada and Germany. Its portfolio includes Peace Naturals, Original BC (OGBC) and Whistler Medical Marijuana Company (WMMC).
CRON Weekly AnalysisCRON formed a high two bull flag which triggered last week. Instead of resuming the bull trend, prices are continuing lower. There is a bear gap which is still open at $17.80. There has been some decent selling pressure over the past 8 or so weeks with very little buying pressure since the parabolic wedge reversal. The bears will likely get a larger second leg down before the bulls resume buying. If the bears are able to fill all of the bull gaps from the January rally, it will increase the likelihood of a transition into a trading range and test of the $7 tight trading range.
CRON Setup Looking at the larger time frames, you can see that we have retested the 50 week MA multiple times during this bull run. What I would like to see for an ideal setup is a back test of the support line at around $13, which if timed right would coincide with the 50 week MA.
MACD is still trending up, and the RSI is approaching a significant support zone. The current bounce in price action has yet to indicate any kind of real strength, and it looks as if we are just in a bear flag. With this in mind, I believe that we will drop into the Buy Zone highlighted, where I will be looking to scale in some Long positions.
Thanks for viewing, good luck trading!
CRON weekly analysisCRON
CRON reversed down from a parabolic wedge and tested below the 1/28 bull gap and the previous all time high. Bulls still have gaps open below and are currently trying to close the bar on its high for a high 2 buy setup off the EMA. But decent selling pressure over past few weeks, possible second leg down before bulls return.
CRON CoilAll coiled up and ready to tank. Probably a slow deflation of the bubble, remember OSTK took an entire year to return from the peak to it's pre-bubble price. (OSTK bubble was because of crypto.)
CRON at FIB618Sometimes you just need to zoom out more, to get the broader picture. With CRON trading at 11 times forward revenue at the CURRENT price, it is still extremely expensive. Disappointing results, nothing much to show for all its promise. It seems to me that the only thing it has going for it right now, is Altria's cash. Looking at the weekly charts, it would seem that the dreamers are keeping this baby from imploding, while she certainly is on her way to the bottom trend line.
We have to remember that RSI and other indicators are calculated based on recent price history. A low RSI certainly doesn't mean that CRON is oversold, and it is definitely no guarantee that the bottom has been reached. I will be considering CRON below $13. Even then, it will still be VERY expensive.
Don't get me wrong, I do believe that CRON is a contender in the future, but the current levels leave very little short term upside, in my honest opinion. I'll wait for some really good news from CRON, or for a better valuation.
Thanks for looking.
This beast is ready to roar again!looks like Cron is gaining energy again after a low volume pullback, so watching a break of that wedge to go long again.
Long CronThis amazing stock has been in a rally and needed a break. It hit a major zone and broke trendline
Let's wait and see
Long CRON at logarithmic trend-line support.The first time I was introduced to CRON it was at $23/share and my first thought was it was a sell. Now that the early buyers have taken their profit and more states are looking at legalizing marijuana, it is ready for another run to new highs.
Using a logarithmic scale and Fibonacci retracement, we can see that the 61.8 lines up very nicely with an ascending trendline support. May 1st looks to be a point where multiple important signals will coincide. Price should reach the 61.8 retracement and trend-line support, daily RSI comes back above 30, stochastic comes back above 20, and the MACD will likely cross all in the same week.
My plan is to take a small long position at ~$14/share with 1:1 leverage and likely no stop loss as this will be a long term hold. As price confirms the upward direction, I will scale into the trade adding a trailing stop equal to slightly under the ascending support line.
CRON Gap up and reversing to join again the main trendCRON Gapped up this morning, and is filling the GAP, a sell stop is placed at 16.10 , (the gap fill price).
ADX mark a nice down trend, directional index too, su under 16.10 , we can join the trend again, nice and easy.
Cron 14apr2019 Almost there? @cryptoKneeNO bullish divergences on RSI, getting pretty long and deep for a 4... we at the edge of a gap in the vpvr, coming to some geometry and some fibs and fib time, vegas waves coming up for support, then its 420 from there?
CRON - CRONOS GROUP NEXT TARGETSCurrently in a bull run, is showing a falling wedge continuation pattern with bullish divergence on stoch rsi visible on a daily chart, buy zone and targets at the chart.
