CRON update... pivot point, more bullish than bearish
Updating my thoughts on my previous idea about a CRON when it exited the downward wedge for a possible breakout. The first two days looked promising, but since it has not been at all positive for CRON or SPY . I'm adding some expanded possible influences in this view to try and get a better understanding of the next possible move.
There's a combination of different supports just below CRON's current level. The 200MA (as well as the 100MA) have been very influential in the past year, causing several hard bounces and consolidation periods before significant moves. There also seems to have been a hard fought battle with the $13-14 area in recent past that suggests it may not give it up easily. My best estimate for where the 100 and 200MAs could track in the bullish scenario have been added with hashed lines, as this influences my projected path in the "bullish" scenario. Beyond the 100MA, I expect there would be a significant battle with the > $22 area if it makes it there.
That said, if it does give up $13-14 in my "bearish" scenario, I don't see any reason why this wouldn't continue it's downtrend to around $10 as it seemed to fight with this area for ~4 months last year.
My plan is to hold long for a possible double-bottom off long-term support + 200MA as I am more bullish , than bearish . However, if it loses the $13-14 level, I would turn bearish and look for a trade target of $10-11.
Disclaimer: This is my own speculative opinion and should not be considered financial advice.
There's a combination of different supports just below CRON's current level. The 200MA (as well as the 100MA) have been very influential in the past year, causing several hard bounces and consolidation periods before significant moves. There also seems to have been a hard fought battle with the $13-14 area in recent past that suggests it may not give it up easily. My best estimate for where the 100 and 200MAs could track in the bullish scenario have been added with hashed lines, as this influences my projected path in the "bullish" scenario. Beyond the 100MA, I expect there would be a significant battle with the > $22 area if it makes it there.
That said, if it does give up $13-14 in my "bearish" scenario, I don't see any reason why this wouldn't continue it's downtrend to around $10 as it seemed to fight with this area for ~4 months last year.
My plan is to hold long for a possible double-bottom off long-term support + 200MA as I am more bullish , than bearish . However, if it loses the $13-14 level, I would turn bearish and look for a trade target of $10-11.
Disclaimer: This is my own speculative opinion and should not be considered financial advice.
Disclaimer: (see above)