Canopy leads MJ sector bounce
Quick 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.
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
_____
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.
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