WEED looking for blue sky breakout tomorrow!
WEED had a gap-up and run open this morning on massive volume, breaking our daily equilibrium bullish and finishing the day up 13%. WEED rejected from all time high today although the American ticker certainly smashed that level, but we still closed pennies off the high of the day. After hours trading saw CGC hit as high as 58.44. We're riding well above the daily Upper Bollinger Band as support.
We also see the hidden bullish divergence on the RSI and MACD having finally played out. RSI has broke out of its descending wedge pattern, and the MACD has started to curl up. We're looking for a higher MACD spike tomorrow.
When stocks are at all time highs there is a lack of resistance, so we look for psychological round numbers. $75, $76, $77, etc. $80 especially should be tricky. We also look at the American tickers to correlate the highs of pre and after market with the Canadian levels. For CGC the high of after hours trading is 58.44.
Our key support is 70.16 on the hourly.
Keep walking your stop losses up. We're in a euphoric bull run and we want to protect our profits from any sudden sell-off.
Also keep in mind the correlation to the overall market. SPY has its second daily inside bar to watch the range of tomorrow, and while a bearish end of day didn't affect the mj sector today, we have seen countless times where it has.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
We also see the hidden bullish divergence on the RSI and MACD having finally played out. RSI has broke out of its descending wedge pattern, and the MACD has started to curl up. We're looking for a higher MACD spike tomorrow.
When stocks are at all time highs there is a lack of resistance, so we look for psychological round numbers. $75, $76, $77, etc. $80 especially should be tricky. We also look at the American tickers to correlate the highs of pre and after market with the Canadian levels. For CGC the high of after hours trading is 58.44.
Our key support is 70.16 on the hourly.
Keep walking your stop losses up. We're in a euphoric bull run and we want to protect our profits from any sudden sell-off.
Also keep in mind the correlation to the overall market. SPY has its second daily inside bar to watch the range of tomorrow, and while a bearish end of day didn't affect the mj sector today, we have seen countless times where it has.
By the way, I do analysis on the entire sector across all the mj charts I publish. If you're not looking at all the names I talk about, you're not getting the full sector-wide analysis. Follow me to get updates when I publish ideas and pay attention to the mj names you typically don't look at too, so you can stay in the know and get the full picture.
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