Further increase in the bearish momentum will decrease the ACB price towards the demand level of $38.
Supply levels: $43, $47, $52
Demand levels: $38, $32, $27
CGC Medium-term Trend: Bearish
CGC is bearish on the medium-term outlook. On June 27, the price pulled back towards the 21 periods EMA. The Bullish pressure eventually penetrated the EMAs upside but unable to maintain the momentum. A bearish engulfing candle formed and returned the price towards the demand level of $38.
The bearish pressure has returned the price back below the 21 periods EMA and 50 periods EMA at a close range with the bearish candles which indicates a decrease in the bullish momentum. Further increase in the bearish momentum will decrease the ACB price towards the demand level of $38.
CGC Short-term Trend: Ranging
The CGC price is ranging on the short-term outlook. The increase in the CGC price led to the breakup of the 21 periods EMA and 50 periods EMA and the price moved up towards the supply level of $43. The Bears interrupted the movement and pushed the stock price to the dynamic support level where it begins to consolidate.
The Stochastic Oscillator period 14 is found above 25 levels with the signal lines pointing down to indicate sell signal.
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