In case the bullish candle closes above the $43 level, the CGC price may rally towards the supply level of $43.
Supply levels: $43, $47, $52
Demand levels: $38, $32, $27
CGC Medium-term Trend: Bullish
On the medium-term outlook, CGC is bullish. The CGC market opened today with a bearish candle that pushed the price below the $43 price level. The Buyers quickly reacted against this price decrease; this is noticed on the 4-hour chart with the formation of a Bullish candle that is pushing up the price to break up the $43 level.
The CGC is currently trading above the 21 periods EMA and 50 periods EMA. The Stochastic Oscillator period 14 is above 60 levels with the signal lines pointing up to indicate a buy signal. In case the bullish candle closes above the $43 level, the CGC price may rally towards the supply level of $43.
CGC Short-term Trend: Bullish
On the short-term outlook, the CGC price is Bullish. At the initial stage of the market today, the Bears were oppressing the Bulls by pushing down the CGC price until it reached the dynamic support and resistance level. At the dynamic support level, a bullish engulfing candle formed; this is the sign of the Bulls’ increased momentum and the price is raised touching the $43 supply level.
The price is trading above the 21 periods EMA and 50 periods EMA. The Stochastic Oscillator period 14 is above 50 levels pointing up to connotes buy signal.
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