Daily Falling Wedge Heading into Seasonality
Keeping a sharp eye on this daily falling wedge that has developed along with bullish divergence. We know MJ has seasonality around voting season with more states putting legalization on ballots etc.
Price is also in a historical buy zone currently going back years. So fundamentally this is cheaper than in the past since more has developed in the sector since those price support levels back then.
Drilling down to the hourly we have oversold conditions in the teens along with the wedge trendline from the daily. Putting all the pieces of the puzzle together and I believe we will see a sentiment shift in the sector and this name is primed for at the very least a bounce, which could potentially put in the bottom here
Price is also in a historical buy zone currently going back years. So fundamentally this is cheaper than in the past since more has developed in the sector since those price support levels back then.
Drilling down to the hourly we have oversold conditions in the teens along with the wedge trendline from the daily. Putting all the pieces of the puzzle together and I believe we will see a sentiment shift in the sector and this name is primed for at the very least a bounce, which could potentially put in the bottom here
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.