Cronos Getting Shorter Attack Claims Cron Trades Down To $6.00 on its way to $3.50 usd
Pot stocks get smoked. Should you just say no to Cronos. Citron Research's Andrew Left thinks so. With CNBC's Bob Pisani and Melissa Lee, and the Fast Money traders, Dan Nathan, David Seaburg, Mike Khouw and Guy Adami.
When used in technical analysis, the golden ratio is typically translated into three percentages: 38.2%, 50% and 61.8%. However, more multiples can be used when needed, such as 23.6%, 161.8%, 423% and so on. There are four primary methods for applying the Fibonacci sequence to finance: retracements, arcs, fans and time zones.
1. Fibonacci Retracements
Fibonacci retracements use horizontal lines to indicate areas of support or resistance. They are calculated by first locating the high and low of the chart. Then five lines are drawn: the first at 100% (the high on the chart), the second at 61.8%, the third at 50%, the fourth at 38.2% and the last one at 0% (the low on the chart). After a significant price movement up or down, the new support and resistance levels are often at or near these lines. (For more, see: Strategies for Trading Fibonacci Retracements.)
The stock closed at $16.98
The 38.2% retracement is $14.09 where there was HUGE buying support
MOST cannabis stocks will retrace Back to the 38.2% level. Aphria has rallied along with Weed ...but the Shorters have not gone away, and nothing goes up forever. A retracement could happen this week.
There was a lot of resistance to 17.00, but Anonymous was a bigger buyer of Aph this week. So the question is what is going to happen next for day traders ?
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