Long @ 0.399 / 2k shares
Fundamental aspect of trade
CALGARY, AB, Nov. 30, 2020 /PRNewswire/ - Sundial Growers Inc. (NASDAQ: SNDL) ("Sundial" or the "Company") provides an update on the elimination of its senior secured second lien convertible notes and further improvements to its balance sheet.
Yesterday the company announced update of eliminating its debt and the chart has reacted positively. Its debt has been reduced significantly over past year.
Company has decent amount of cash (60M CAD) and has succesfully pursued transition from wholesale into branded sales. Long term outlook for profitability after recent ER is bullish for me. Focus on shareholder value and improving price.
Techical aspect of the trade
The price has been climbing premarket and then dropped into .48 - .49 before market opening. We saw a bear trap formed and then a big ascend to .70 - .85, then consolidating on .70. Price in German stock market traded on early Tuesday morning, 1.12.2020 indicates .79 to .85 price range after converted to USD. The price reacts to upcoming legalization bill vote in US House of Representatives, then by Senate. Other cannabis stocks are showing similiar moves. Chart is witnessing extreme volume - over 2 billion shares were traded intraday on 30th of November. Liquidity on pennystocks is the main driver for my trades. Fintel shows some very interesting names among institutional holders.
Fundamental aspect of trade
CALGARY, AB, Nov. 30, 2020 /PRNewswire/ - Sundial Growers Inc. (NASDAQ: SNDL) ("Sundial" or the "Company") provides an update on the elimination of its senior secured second lien convertible notes and further improvements to its balance sheet.
Yesterday the company announced update of eliminating its debt and the chart has reacted positively. Its debt has been reduced significantly over past year.
Company has decent amount of cash (60M CAD) and has succesfully pursued transition from wholesale into branded sales. Long term outlook for profitability after recent ER is bullish for me. Focus on shareholder value and improving price.
Techical aspect of the trade
The price has been climbing premarket and then dropped into .48 - .49 before market opening. We saw a bear trap formed and then a big ascend to .70 - .85, then consolidating on .70. Price in German stock market traded on early Tuesday morning, 1.12.2020 indicates .79 to .85 price range after converted to USD. The price reacts to upcoming legalization bill vote in US House of Representatives, then by Senate. Other cannabis stocks are showing similiar moves. Chart is witnessing extreme volume - over 2 billion shares were traded intraday on 30th of November. Liquidity on pennystocks is the main driver for my trades. Fintel shows some very interesting names among institutional holders.