There is tendency for the price to increase further towards the $43 supply level should the Bulls increase their momentum.
Supply levels: $43, $47, $52
Demand levels: $38, $32, $27
CGC Medium-term Trend: Bearish
On the medium-term outlook CGC is bearish. The bearish momentum has pushed down the price and it tested the demand level of $38. The price pulled back with the aid of the Bulls’ pressure which prevented the penetration of the $38 demand level. The ACB price has increased to touch the 21 period EMA (a dynamic resistance level).
The CGC price is still trading below 21 periods EMA and 50 periods EMA at a close range which indicates an increase in the bullish momentum. There is tendency for the price to increase further towards the $43 supply level should the Bulls increase their momentum.
CGC Short-term Trend: Bullish
The CGC price is Bullish on the short-term outlook. The rise in price towards the dynamic resistance level (21 periods EMA) was triggered by the bullish reversal signal candle pattern formed at $38 demand level.
The bullish momentum has penetrated the 21 period EMA and 50 periods EMA upside as an evidence of bullish movement. Nevertheless, the Stochastic Oscillator period 14 is above 75 levels with the signal lines pointing down to indicate sell signal.
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