CRLBF Trade Plan/Analysis
Good Afternoon Traders,
Due to the recent earnings report released by CRLBF and possible formation of a new Support, the recent upward trend may continue to a new Resistance. The Cannabis Industry has been releasing positive Quarterly Reports during the ongoing COVID crisis. This may prove Cannabis to be a more inelastic good than previously thought.
On the technical side, a new Support may have formed around the $4.26 range. It does not appear the trend will continue without a short-term pull-back. Bearish Divergence has formed on the 1D MACD/Price Chart. The 1D RSI is also in Overbought territory. This may be signaling a short-term pull-back/consolidation. First entry consideration would be taken if the RSI forms a lower-low and Hidden Bullish Divergence forms on the RSI/Price Chart. If RSI does not drop low enough to form a lower-low, second entry consideration would be taken when price closes above the current Resistance around $5.20
Thanks for reading. If you liked my analysis, please give me a follow.
*The above is not investment advice but simply my analysis of the current market conditions*
Due to the recent earnings report released by CRLBF and possible formation of a new Support, the recent upward trend may continue to a new Resistance. The Cannabis Industry has been releasing positive Quarterly Reports during the ongoing COVID crisis. This may prove Cannabis to be a more inelastic good than previously thought.
On the technical side, a new Support may have formed around the $4.26 range. It does not appear the trend will continue without a short-term pull-back. Bearish Divergence has formed on the 1D MACD/Price Chart. The 1D RSI is also in Overbought territory. This may be signaling a short-term pull-back/consolidation. First entry consideration would be taken if the RSI forms a lower-low and Hidden Bullish Divergence forms on the RSI/Price Chart. If RSI does not drop low enough to form a lower-low, second entry consideration would be taken when price closes above the current Resistance around $5.20
Thanks for reading. If you liked my analysis, please give me a follow.
*The above is not investment advice but simply my analysis of the current market conditions*
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.