CGC New Range| Structural Support/Resistance| S/R Flip

29 Apr 2020

Evening Traders,

Today’s Technical Analysis – CGC - impulse move into resistance where CGC is likely to range trade.

Points to consider,
- Macro trend bearish
- Resistance confluence
- S/R Flip retest
- RSI above 50
- Volume climax

CGC’s macro trend has been putting in consecutive lower highs with a recent sell of ending with an oversold bounce.

Currently testing structural resistance which is in confluence with the 200 MA, a rejection is probable.

This will likely lead to a retest of support, confirming the S/R Flip

RSI is above 50, cooling off from oversold conditions whilst the stochastics is trading in the upper regions with a sell cross coming to fruition.

Volume climax is evident, indicating temporary bottom may be in as CGC finds its equilibrium

Overall, in my opinion, CGC is likely to trade in this range before another impulse move. CGC’s general immediate trend can be determined by the break of either of the key support and or resistance level.

What are your thoughts?

Please leave a like and comment,

And remember,

“In order to succeed, you first have to be willing to experience failure.” ― Yvan Byeajee