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Fan Yang

GW Pharmaceuticals (GWPH) - Bears in Control; I am Preparing Dry Powder $125 and $100

GW Pharmaceuticals $GWPH has been pulling back after a bullish 2019. After the break below a key support at $150-$152, it is now in a clear bearish correction mode. 

GWPH Daily Chart

(click to enlarge)

Bears in Charge:
- Price action has been creating lower highs and lower lows since briefly touching a high around $195 in May. 
- This week started with a strong bearish engulfing candle that signals bearish control.
- Within this context, I think there is a chance that we will see price pull back towards the 2018-2019 lows around $95-$100. 
- I am indeed looking for this dip and getting ready dry powder in case price falls to around $100 (almost 30% slide from the current $135.25 close).
- This bearish outlook would be even more likely if we see a rally get rejected around $150. 
- However, also consider possible support around $120. I think if the market is still long-term bullish, it would not let price slide all the way back too $95-$100. Instead, we should see support around $120-$125 in this scenario.
- Therefore, I am making sure I have some cash to buy GWPH around $125 and $100.

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