Namaste - Bulls are in control again ?Dear Traders,
Namaste CEO gave a live interview yesterday evening during which he shared his future plans and vision for the company and it all sounded very promising.
Looking at the chart of Namaste, I can see a bullish divergence which occurred when the stock reversed. The price action is now above the 100 ma (which is now support) and under the 200 ma (which is our resistance line). Let's see how the bulls will do today but i'm definitely keeping my eyes on this stock today.
Weed
Medipharm Labs - Time for a Reversal ?Dear Traders,
Medipharm had some nice activity news wise this month and traders are buying again.
All I can see on the daily chart is that we are above the 50 RSI, which is bullish, on the hourly chart we are touching the 100 ma which will define if this is a reversal or not. If we succeed in holding above 1.60 then this could be a very good swing trade.
I entered at 1.58 and i'm waiting for some movement. All we need is some buying volume and this will go up !
MediPharm Labs Corp is a producer for cannabis oil production. The company is focused on downstream secondary extraction methodology, distillation, and cannabinoid isolation and purification.
Any thoughts ?
ICC LABS - Ready for another run ?Dear Traders,
Another stock i'll keep my eyes on this week is ICC Labs, they announced Shareholder Approval of Arrangement With Aurora Cannabis.
Buy volume went up yesterday and there is plenty of ingredients here telling me it might go higher. There is some resistance but with a higher buy volume we should be able to break through it and see a new ATH!
About ICC
ICC is a fully licensed producer and distributor of medicinal cannabinoid extracts, recreational cannabis and industrial hemp products in Uruguay as well as a fully licensed producer of medicinal cannabis in Colombia. The Company has active operations in Uruguay, and is focused on becoming the worldwide leading producer of cannabinoid extracts, giving support and promoting responsible use for medicinal purposes, backed by scientific research and innovation, while following strict compliance with standards for quality and safety.
Kalytera - Huge potential here !Dear Traders,
We finally see some movement on KALY yesterday, this stock was forming a huge bullish divergence and I was just waiting for spike in volume to confirm this, and here it is. Im expecting Kaly to make a nice run due to good news and also due to the longterm potential this stock offers.
I'm in at 0.110 and another entry at 0.095 to average down. Let's see what Kaly can bring to us today ! Im smelling news coming soon !
What are your thoughts ?
CGC surges on Jeff Sessions' ResignationCGC saw a huge move on President Trump's tweet that he has accepted the resignation of Attorney General Jeff Sessions
twitter.com
This came after a clear hourly bear break singling some daily consolidation was coming, but this breaking news clearly sidetracked that plan and delayed consolidation for at least a little while. I am closely watching for the hourly trend to change as the daily chart is very over extended right now
Key levels for tomorrow:
S: 45.10
R: 48.13
CGC breaks the inside bar bullishCGC had a nice little move after breaking the daily inside bar today. I'm looking for some profit taking tomorrow as the hourly chart needs a new support above 36.67
S: 36.37
R: 41.06, 42.43
Weed: potential 2 swing trading opportunitiesHello 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!
Khiron - Creating a divergence / Bullish times a headDear Traders,
In my opinion Khiron (great long term hold btw) is about to make a bullish Divergence.
We will see a lower low with a bounce off, where as the rsi will have created a lower low.
Wait for a higher buying vol for confirmation, I'd love to see a Kangaroo Tail pattern, this would definitely give us confirmation for a reversal.
GTEC - Bullish momentum coming ?Dear Traders,
As we can see GTEC had to retrace after it's run, and the time for a reversal as arrived. We can see a bullish divergence forming on the RSI and MACD Histogram. Let's see what the bulls will do this week. A push towards the yellow line (100 ema) would be very nice !)
TLRY-Primary Wave 3-Part 1 TLRY has completed Primary Wave 2 and is now beginning Primary Wave 3.
Analysis Method: Fibonacci + Wave Theory
Primary Wave 1 & 2:
Primary Wave 1:
Primary Wave 1 (Rounded):
Sub-Waves:
Wave 1 - 350%
Wave 2 - (25%)
Wave 3 - 75%
Wave 4 - (23%)
Wave 5 - 208%
Primary Wave 2:
Primary Correction (Rounded):
Wave A - (67%)
Wave B - 82%
Wave C - (52%)
Currently, we are forming a Micro-Wave and have completed Sub-Waves 1, 2, 3, and 4.
Micro-Wave 3 had an Extended 5th
Expect the 5th Micro-Wave to extend (Red).
Will update.
-AB
Watching CGC hourly trend for clues on this bounceDecided to try something a little different today because I don't want to type up a bunch of analysis.
I'm watching the range of Thursday to break to tell me if we're going to see bounce continuation of a healthy pullback to form a daily higher low, and then try to change the daily trend with a higher high.
Key levels:
S: 35.85
R: 38.28
CGC hourly equilibrium on watchThe oversold bounce is starting to feel toppy with a bearish reversal candle on the daily and declining volume. The high of the day rejected from the 100MA and we're in an hourly equilibrium now to determine if we're going to see bounce continuation or set a higher low on the daily chart.
Although we have some new levels from after hours, there was minimal volume there so I am not giving those much credibility.
Key levels for hourly eq:
S: 35.85
R: 37.77
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For anybody looking at any individual stock it is imperative to keep an eye on the overall market and the analysis I do on SPY. The correlation of every individual name and sector to the market is very real and affects every stock you own.
ACB - Time for a reversal ?Dear Traders,
ACB took a huge hit, but i'm happy that thanks to my previous TA I expected a big drop. I saw a Bearish Divergence and I stayed far away from ACB, WEED, TGOD and APH.
But i decided to have a look because a reversal in imminent at this price.
On the 1hr chart I see a Kangaroo Tail which is a bullish pattern, and I also see that my histogram is showing a Divergence, a bullish one.
I think we might see a little uptrend towards 8.90C$, which is our 21 ema (Resistance), if that breaks, we should see a run towards 10.25C$ which is the 55 ema.
Let's keep an eye on this one tomorrow.
APH - NASDAQ Listing planned on 2 November !Dear Traders,
News just got out that APH will be listed on NASDAQ the 2 November, we could expect a nice reversal today due to that.
Looking on the 1hour chart I see a bullish divergence which could give us the buy confirmation I hoped to get.
Volume should go up today and tomorrow, let's keep our eyes on APH.
Canopy leads MJ sector bounceQuick updates tonight.
CGC saw a 10% bounce from the low of the day today and after the first 30 minutes, gave a whole lot of nothing. We spent the rest of the day inside an hourly equilibrium that we're waiting on the break of for either bounce continuation or on another leg down to potentially lower lows.
The end of the day saw SPY with big bull move finishing up near the high of the day on the strength of both the tech sector and financial sector, while Canadian MJ was unable to derive any momentum from the this move. That does give some reason for concern with bulls being so close to resistance but unable to break it.
Tomorrow first thing the bulls want to break our two hourly resistances in order to see bounce continuation. Failure to do so a second time would be a red flag.
Key levels:
Support: 33.05
Resistance: 34.47, 34.92
If the bulls find the momentum to break this range and see continuation on the hourly bounce, we would look for a 4hr lower high compared to 40.00. However there is a lack of resistance after 34.92 so could see some nice follow through
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For anybody looking at any individual stock it is imperative to keep an eye on the overall market and the analysis I do on SPY. The correlation of every individual name and sector to the market is very real and the market has been showing significant weakness over the past four weeks. This correlation affects every stock you own.
TGOD - Reversal ?Dear Traders,
Looking at TGOD, which got a huge hit. it went down from 10.24C$ to under 4C$. A reversal should come at one point and I think that this might just be that point.
I see a bullish divergence on my 1hr chart, with a lower low price wise, but a higher high in my RSI. And my MACD Histogram shows me that the bulls are taking back control slowly.
Keep your eyes on this one today !
Canopy Growth nears daily oversoldCGC today broke its 4hr equilibrium bearish, and shortly later confirmed the daily bear flag, dumping the rest of the day closing down almost 15% in one of the most stand-out bearish days this sector has seen. There is no doubt in my mind this weakness is in large part to the overall stock market dumping for the past four weeks, so be sure to keep an eye on the correlation to SPY. We've now given back 75% of the run up from August 14th to all time high in the past 10 trading days.
Where we stand, Canopy has a lack of support here. We're closing in on the daily MA200 at 31.32, and have price action supports at 30.20 and 29.05. The gap to fill from before the Constellation investment announcement is down at 26.37. Regular readers know we long ago lost the daily and weekly uptrends. I've been watching this descending wedge pattern for the RSI for weeks at this point, and after a false breakout it has now dumped through the bottom of the wedge, backtested former support as resistance, and dropped to lower lows. The daily RSI is approaching oversold, and is the lowest level it's been since June 6th 2017. I'm now anticipating an oversold bounce.
Why do I anticipate a bounce in the very near future?
RSI levels on multiple timeframes are currently at historical bounce levels:
Daily - 31
4hr - 27
1hr - 22
If you did not stop out on one of the bear breaks over the past two weeks, now isn't the time you want to sell your position. Instead, you probably want to wait for a bounce to get underway, as we are likely to see at least a couple days of follow-through. Of course, if your mindset is to hold your position for years, then stop checking the price every day or you will drive yourself crazy. In my opinion, the bounce will not start until S&P bounce starts.
If you are one of the people who have asked me over the past couple months about a good time to buy Canopy, these conditions are ideal for starting to SLOWLY scale into a long term entry you plan to hold for years. Just be sure not to invest all your money at once. Keep in mind we have no more upcoming catalysts for the sector, and the correlation to the S&P500 could mean several months of continued downside for CGC.
I'm looking at the 4hr chart right now for our levels. We've been in a downtrend for two weeks at this point with lower highs and lower lows
Key levels to watch for trend change/continuation
Support: low of day 32.31, MA200 31.32, 30.20, 29.05
Resistance: 40, 41.06, 42.43
After 42.43 there is a lack of resistance to 48.13
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For anybody looking at any individual stock it is imperative to keep an eye on the overall market and the analysis I do on SPY. The correlation of every individual name and sector to the market is very real and the market has been showing significant weakness over the past four weeks. This correlation affects every stock you own.
CGC equilibrium on watch for MondayHeading into next week I'm still watching CGC in a 4hr equilibrium. Our key support is a double bottom of 37.32 and 37.35. Canopy finished the day with some weakness looking down towards that level after setting a lower high of 40.37, our new key resistance to break.
We can see the 12EMA on the 4hr driving the price down continually since the all time high on Oct 16th. Bulls need to break above 40.37 and close above that 12EMA in order to get this bounce underway, where we would look to set a lower high on the daily timeframe. The strength of this bounce will give us clues on what to expect next.
I'm watching the potential for hidden bearish RSI divergence with the indicator making higher highs and the price making lower highs; however the MACD has started to curl upwards a bit giving a conflicting signal. Further, when turning off extended hours on the 4hr chart, the bull volume does seem greater than the bear volume.
I have pulled a fib on the daily chart from the low of August consolidation to the all time high, and notice that we bounced right off the .65 retracement. That golden pocket range is a high profitability zone to enter into a long position for resumption of an uptrend, and for anybody who has entered position in the past few days based on this indicator, be certain to have a stop loss set for the appropriate level on the bear break of this 4hr eq - if your plan is to exit the trade on a bear break, that is.
I'm still not holding any position in the sector, patiently waiting for this downtrend to change and for much more favourable trading conditions. This equilibrium should break Monday and give us some short term direction. The sector at large will likely following CGC on the direction of its break. Until that break comes, I'm being very patient and waiting to re-enter a position.
Key levels for Monday
Support: 37.32
Resistance: 40.37
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For anybody looking at any individual stock it is imperative to keep an eye on the overall market. The correlation of every individual name and sector to SPY -1.76% market is very real and the market is showing significant weakness over the past three weeks.
LONG OPPORTUNITIES: MJ and XLEWe're seeing some oversold bounces for Medicinal Marijuana and Energy.
TLRY - Short to new lows TLRY seems to completed the B wave of the ABC correction. Watch out for a correction here now for a short trade setup to new lows.
I'm expecting around $50-60 based on fibonacci levels. Reversal can happen anytime after we break the low of wave A.
CGC - setting up for downside CGC broke down and now consolidating for further downside move.
A good short setup on the 1hr chart .
ACB Flash Crash -40% Possibly on Nov 26Based on bearish market sentiment, I believe we could possibly see a flash crash along with the overall stock market.
