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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.
Support:
- 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. 

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