SNDL: Target hit! What's next?
Hello traders and investors! Ok, SNDL did exactly what was supposed to do since my last analysis, which is great. Let’s see the scenarios we can work with from now.
First, in the 1h chart, SNDL lost the support level at $ 1.32, which was an important key point for the short-term, and it sought its lower support, at $ 0.95, as we discussed in our previous analysis. If you missed my last analysis, which was public, the link to it is below, as usual.
But SNDL didn’t only hit the $ 0.95, but it did an amazing bullish candlestick pattern in this support area, called Tweezers Bottom. This was a clear buy sign, and what’s more, it is now doing higher highs/ higher lows in the 1h chart, and it did a bullish pivot when it defeated the $ 1.22.
The price is above the 21 ema (which is pointing up), and everything tells me we are in a short-term bull trend. Pullbacks to the 21 ema are expected, and shouldn't be enough to make you panic. Let’s see the daily chart for more clues:
The Tweezers Bottom in the 1h chart made this Hammer candlestick pattern in the daily chart, just above the $ 0.95, reinforcing our idea that this was a very important Key Point.
Also, it was not by chance that I saw the $ 0.95 as a support level. As we discussed in my last analysis, this point was previously a resistance on Dec 2020, and according to the Principle of Polarity, it was supposed to work as a support next. The market has memory, and it always remembers its key points.
Now, the next target is the $ 1.64, but as long as we don’t see a very powerful candlestick pattern, with a good volume, the movements on SNDL are going to be slow and boring.
And if you liked this analysis, remember to follow me to keep in touch with my daily studies, and support this idea with your like if it helped! The link to my previous analysis is below.
Thank you very much!
First, in the 1h chart, SNDL lost the support level at $ 1.32, which was an important key point for the short-term, and it sought its lower support, at $ 0.95, as we discussed in our previous analysis. If you missed my last analysis, which was public, the link to it is below, as usual.
But SNDL didn’t only hit the $ 0.95, but it did an amazing bullish candlestick pattern in this support area, called Tweezers Bottom. This was a clear buy sign, and what’s more, it is now doing higher highs/ higher lows in the 1h chart, and it did a bullish pivot when it defeated the $ 1.22.
The price is above the 21 ema (which is pointing up), and everything tells me we are in a short-term bull trend. Pullbacks to the 21 ema are expected, and shouldn't be enough to make you panic. Let’s see the daily chart for more clues:
The Tweezers Bottom in the 1h chart made this Hammer candlestick pattern in the daily chart, just above the $ 0.95, reinforcing our idea that this was a very important Key Point.
Also, it was not by chance that I saw the $ 0.95 as a support level. As we discussed in my last analysis, this point was previously a resistance on Dec 2020, and according to the Principle of Polarity, it was supposed to work as a support next. The market has memory, and it always remembers its key points.
Now, the next target is the $ 1.64, but as long as we don’t see a very powerful candlestick pattern, with a good volume, the movements on SNDL are going to be slow and boring.
And if you liked this analysis, remember to follow me to keep in touch with my daily studies, and support this idea with your like if it helped! The link to my previous analysis is below.
Thank you very much!
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