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Fan Yang

GW Pharmaceuticals (GWPH) Signals Bearish Continuation To $100

GW Pharmaceuticals $GWPH has been retreating sharply, and might have further downside towards $100.

GWPH Weekly Chart

(click to enlarge)

Sharp Correction:
- As we can see on the weekly chart, price action looks heavy.
- The $100 area might be a critical support, so I think there is at least downside to this area. 
- When we look at the daily chart, we can see that there was a bullish attempt earlier in September that was rejected around $150.
- That was a bearish sign to at least $125. I added some exposure here around $125, but the sharp price action made me tentative so I saved most of my dry powder for $100.
GW Pharmaceuticals (GWPH) - Bears in Control; I am Preparing Dry Powder $125 and $100
- Indeed, the combination of price action last week suggests further downside - the bearish engulfing candle.
- At this point, a break above $130 would be needed for me to shelve the bearish outlook.

GWPH Daily Chart

(click to enlarge)

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