SNDL: Heading to the $ 3.96? Maybe, with 1 condition...
Hello traders and investors! Again, SNDL hit the target we mentioned in our last study. Let’s see how it’ll behave now.
First, SNDL did a false breakout from the $ 1.64, and it hit our target on the same day of our last analysis, at the $ 1.47, which was a nice target to aim for, for several reasons. The link to my last public analysis is below, as usual.
Then, SNDL bounced back up to the $ 1.64 again, and it dropped. This reinforces the idea that the $ 1.64 is the most important point to keep in mind. And it is not by chance that it is the strongest resistance, and you’ll understand why when we analyze the daily chart.
But for now, keep in mind that SNDL is doing lower highs/lows, a trait of a short-term bear trend, and it seems it is heading to the $ 1.25. The earnings report did bring some volatility, but nothing as most people expected. Usually, new traders believe that the price will crash when the earnings are supposed to be bad. These people simply don't know how to apply game theory in their strategy.
Now, to the daily chart:
The $ 1.64 is the strongest resistance because it worked as a previous top in the past, and above it, there are no other meaningful resistance levels until the $ 3.96. This is why the $ 1.64 has such an important psychological meaning for SNDL.
In addition, the $ 1.64 now is a neckline, of a possible Inverted Head & Shoulders chart pattern (green area). This reinforces the idea that if SNDL defeats the $ 1.64, we’ll see it at $ 3.96, as this is the technical target for the IH&S.
The only thing we need to watch right now is if we’ll see any good candlestick/chart pattern around the $ 1.25 in the 1h chart, as this could trigger a reversal in the daily chart.
Every week I do one public analysis on SNDL, and if you want to keep in touch with my insights, remember to follow me! And if this idea helped you, please, support it!
Thank you very much!
First, SNDL did a false breakout from the $ 1.64, and it hit our target on the same day of our last analysis, at the $ 1.47, which was a nice target to aim for, for several reasons. The link to my last public analysis is below, as usual.
Then, SNDL bounced back up to the $ 1.64 again, and it dropped. This reinforces the idea that the $ 1.64 is the most important point to keep in mind. And it is not by chance that it is the strongest resistance, and you’ll understand why when we analyze the daily chart.
But for now, keep in mind that SNDL is doing lower highs/lows, a trait of a short-term bear trend, and it seems it is heading to the $ 1.25. The earnings report did bring some volatility, but nothing as most people expected. Usually, new traders believe that the price will crash when the earnings are supposed to be bad. These people simply don't know how to apply game theory in their strategy.
Now, to the daily chart:
The $ 1.64 is the strongest resistance because it worked as a previous top in the past, and above it, there are no other meaningful resistance levels until the $ 3.96. This is why the $ 1.64 has such an important psychological meaning for SNDL.
In addition, the $ 1.64 now is a neckline, of a possible Inverted Head & Shoulders chart pattern (green area). This reinforces the idea that if SNDL defeats the $ 1.64, we’ll see it at $ 3.96, as this is the technical target for the IH&S.
The only thing we need to watch right now is if we’ll see any good candlestick/chart pattern around the $ 1.25 in the 1h chart, as this could trigger a reversal in the daily chart.
Every week I do one public analysis on SNDL, and if you want to keep in touch with my insights, remember to follow me! And if this idea helped you, please, support it!
Thank you very much!
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