Verano ($VRNOF) Cannabis Chart Analysis
VRONF CHART ANALYSIS
Verano Holdings Corp. has displayed some wacky-tobacky high and low price action, leavening investors in a cerebral haze, but can a 420 session help investors get high as a kite? -- Not likely. Also, I support all healthy cannabis avenues and put neutral in strategy as this is purely educational and follows past and current trend.
This will be my first published idea, so be easy one my analysis. I've been seeing a lot of social gurus pump pot stocks that just seemed silly and it really got me wondering if it's possible some of these social media influencers are actually short on a lot of these cannabis stock tickers and really playing both sides of the field. I have no problem with those shorting a short, but when they post misleading charts to get retail involved, it just doesn't sit well. Maybe I am not seeing thing right?
VRNOF is clearing following the same sell off trend as all cannabis sector, continuing all of last years bear claws. Without telling you how much tinfoil I wear, I think it's safe to say the trend doesn't seem to want to pivot towards the upside... not until this cycle completes.
On the weekly chart, we see the extension that pivots into a big running-flat around mid Oct. '21. This running-flat hit it's threshold on Fed. 14th '22 and would start the new wave down on the sell side. You can also confirm this transition with the MACD displaying divergence.
This new leg down will likely kiss 7.40ish and start gaining some support around 6.70ish and finally seek correction around 6.40ish. I have alerts set for these price amounts and will wait to re-enter my long position if that correction transitions into a bull trend.
If you have any thoughts or questions about my analysis, I will be happy to share my thoughts in the comments.
Verano Holdings Corp. has displayed some wacky-tobacky high and low price action, leavening investors in a cerebral haze, but can a 420 session help investors get high as a kite? -- Not likely. Also, I support all healthy cannabis avenues and put neutral in strategy as this is purely educational and follows past and current trend.
This will be my first published idea, so be easy one my analysis. I've been seeing a lot of social gurus pump pot stocks that just seemed silly and it really got me wondering if it's possible some of these social media influencers are actually short on a lot of these cannabis stock tickers and really playing both sides of the field. I have no problem with those shorting a short, but when they post misleading charts to get retail involved, it just doesn't sit well. Maybe I am not seeing thing right?
VRNOF is clearing following the same sell off trend as all cannabis sector, continuing all of last years bear claws. Without telling you how much tinfoil I wear, I think it's safe to say the trend doesn't seem to want to pivot towards the upside... not until this cycle completes.On the weekly chart, we see the extension that pivots into a big running-flat around mid Oct. '21. This running-flat hit it's threshold on Fed. 14th '22 and would start the new wave down on the sell side. You can also confirm this transition with the MACD displaying divergence.
This new leg down will likely kiss 7.40ish and start gaining some support around 6.70ish and finally seek correction around 6.40ish. I have alerts set for these price amounts and will wait to re-enter my long position if that correction transitions into a bull trend.
If you have any thoughts or questions about my analysis, I will be happy to share my thoughts in the comments.
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