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Fan Yang

GW Pharmaceuticals (GWPH) In a Correction Mode Within Bullish Trend

European CBD pharmaceutical name, GW Pharmaceuticals $GWPH broke below a key consolidation support around $171.40 and could be in for further bearish correction. Within the overall bullish market, this correction could present an opportunity to buy-on-the-dip. In my case, I just entered a small position at $170, but would look to add more if price dips to $160. 


(click to enlarge)

Price Top:
- As we can see on the daily chart, there was a consolidation pattern developing since May. 
- During the Monday (6/17) session, price broke below the support at $171.40. 
- This signals a more significant consolidation before further upside, assuming the prevailing bullish trend is still in play.
- There could be support around $164.50. ;
- But I thin key support will be in  the $150-$153 area.
- This area involves the 200-day simple moving average (SMA) as well as a previous support/resistance pivot.
- A hold above this area will be a good signs that bulls are still in charge overall, and would give confidence for upside back toward the $190-$200 area in the next bullish cycle.

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