SNDL: Key Points we all must keep in mind!
Hello traders and investors! Let’s talk about SNDL today!
In the hourly chart we have a clear congestion, as SNDL moves sideways, the 21 ema is flat, and with no clear trend. We have a resistance at $ 1.64 and a purple trendline, and both may work as resistances in the future, if SNDL tries to engage in a bull trend.
The support level at $ 1.32 seems to be quite strong, as it was retested multiple times last week. Only if SNDL loses this support level we would see a sharper pullback.
Now, the daily chart will offer us more clues:
The thing is, SNDL dropped a lot since its all-time high, and the volume decreased as well. We must see the volume increasing again in order to fly again. What’s more, we need a strong bullish candlestick pattern to reverse the trend for good.
Meanwhile, if it loses the support level mentioned before, the green line at $ 0.95 is the next target to work with. It was a previous resistance level, and it is supposed to work as a support next, according to the Principle of Polarity of technical analysis.
But let’s bear in mind that SNDL spends most of its time moving sideways, and we can’t be surprised if it keeps doing nothing meaningful for several weeks from now, just like it did in the past. But since it is in a bull trend, we can assume it’ll explode upwards at some point, we just don’t know when.
Either way, with a good risk management everything is possible. And remember to follow me if you like this analysis! And support this idea if you liked it!
Thank you very much!
In the hourly chart we have a clear congestion, as SNDL moves sideways, the 21 ema is flat, and with no clear trend. We have a resistance at $ 1.64 and a purple trendline, and both may work as resistances in the future, if SNDL tries to engage in a bull trend.
The support level at $ 1.32 seems to be quite strong, as it was retested multiple times last week. Only if SNDL loses this support level we would see a sharper pullback.
Now, the daily chart will offer us more clues:
The thing is, SNDL dropped a lot since its all-time high, and the volume decreased as well. We must see the volume increasing again in order to fly again. What’s more, we need a strong bullish candlestick pattern to reverse the trend for good.
Meanwhile, if it loses the support level mentioned before, the green line at $ 0.95 is the next target to work with. It was a previous resistance level, and it is supposed to work as a support next, according to the Principle of Polarity of technical analysis.
But let’s bear in mind that SNDL spends most of its time moving sideways, and we can’t be surprised if it keeps doing nothing meaningful for several weeks from now, just like it did in the past. But since it is in a bull trend, we can assume it’ll explode upwards at some point, we just don’t know when.
Either way, with a good risk management everything is possible. And remember to follow me if you like this analysis! And support this idea if you liked it!
Thank you very much!
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