WEED - Potential Long.

I just pulled up this chart to have a look, and I think I'll be a buyer Monday. Price on the weekly is looking convincing. Price has settle onto the 200EMA weekly and formed a double bottom on the daily. There is even a nice little bullish engulfing on the weekly showing buyers where sitting there poised and willing. This whole retracement has hit the 61.8% Fib level, a notable level indeed. It's a little choppy, but price has reached a support level going back to July of last year. MACD is showing divergence and the RSI is in an oversold position. All this together. I will be picking up some shares tomorrow unless something unexpected happens. 1% risk 2:1 RR

Komentarz:

I did buy this equity, I took the position denoted (slightly better right at the 200ema). I watched the market go against me for the beginning part of the week, then to turn around a develop a very clean "hammer" right at weekly support, a weekly 200ema. This is still a valid setup to me. Happy to have stuck to my plan and let's see what the future holds on this trade.

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This symbol has taken a few hits...the industry has seen some downside. This trade may not work out, I'm still holding and used this pesky thing called "risk management" so....no worries. Time will tell.

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I am seeing some strength returning...I noticed on the weekly a "Piercing Pattern" is developing...this is a premature assumption, but if we keep on keeping on... tomorrow being Friday, interested to see this weekly close. I am still in this trade.

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Not the commitment from the buyers I was looking for...some weed stocks terrible news, some good. Faith remains, but, I have managed my risk on this trade, if its a loss, it is not detrimental to my overall portfolio.

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Weed's been a wild ride...I'm sure I could find a pun in there somehow. This technical picture has developed further and I "think" a long signal is sizing up here....we will see

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Forming a bottom?