Send me real-time posts from this site at my email
Fan Yang

Cronos Group Inc, (CRON) Looks "Toppy"

Cronos $CRON has been one of the better performing Marijurana stocks in 2019. After closing the week at $19.23, CRON is still almost 100% up since the start of the year where price was around $10. 

However, I think there is going to be some more correction before the bull run continues. It all depends whether the $18.80 area will hold as a key consolidation support.

CRON Daily Chart

(click to enlarge)

Consolidation or Topping:
- As we can see on the daily chart, price has pushed to above $24 in early February before consolidating.
- Since then, price has remained mostly under $24, but has also held above $18.80. 
- This wide range could be part of a consolidation, or it could be a price top. 
- If price holds above $18.80, and the RSI holds above 40, we are looking at a sideways consolidation, with bullish bias. 
- But a break below $18.80 coupled with the RSI falling below 40, would signal a bearish correction.
- If the $18.80 support fails to hold, and price retreats from the top, the next key level will be around $14.00, around the top of the late 2018 consolidation range. 
- We should also anticipate support if the RSI falls to or below 30. 

Welcome! Is it your First time here?

What are you looking for? Select your points of interest to improve your first-time experience:

Apply & Continue