First and foremost, Is CGC.ASX a stock with SOUND FUNDAMENTALS ? May well fit into that category and deserves an analysis IMHO for this reason alone.
Second reason is purely technical. That is potential selling climax being in place.
I have dived into PnF 3 Box in calculating the current bearish price objective on hand as well as defining support/resistance levels to work with. See box of tricks in Blue for support and resistance levels worth watching in the short term as tests and retests occur. One would need to switch to bar/candle charts as the tests are on hand.Third or fourth successful test is what I am after of the support. This may come in the form of a Wyckoff Spring. A scenario no more.
Bearish forecast from the top as can be seen is @ $6.03. I am rounding that to $6.00 and watching the zone of $6.00 if we see a support break at $6.50 zone. Should the support hold on a successful retest next level to watch would be the resistance of the box.
Keep well and chart with safety in current environment.
Disclosure : Not a holder of CGC.ASX
Chart is FREE and courtesy of tradingview.com
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