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Cresco Labs Inc. ($CRLBF): Buy or Sell?
Cresco Labs Inc. cannabis stock ticker has been in support and resistance channel from May and currently near the support levels, is it time to buy or sell?
Cresco (CRLBF): Stock Chart Analysis and Price Action Prediction
Applying my technical analysis towards the marijuana stock, $CRLBF, I've come to the conclusion that, although a 'soft landing' and "triple tap" (triple bottom) is available, selling pressure will be added to continue to get price action down lower.
After $2.48, I think $1.94 will come into play and $1.54 would be my price target for a rebound for the bulls. If panic selling comes into play, I'd expect $1.32 - $1.21 as possible building a floor for support.
A closer look at the weekly chart of pot stock $CRLBF, the help with a little more waves mapped, we can see the 'W,Y,Z' (double wave) has a little more headroom to use, but I don't think it will matter and will want to retest the support and if buyers aren't willing to support it a third time, it's time to sell and I'm sure some stop loss orders will be triggers as well while shorts search for new lows.
Pot StocksWriting by Nick CaskeyPot Stocks provides stock chart technical analysis for cannabis investors in the marijuana sector of the stock market(s). Follow PotStocks420 on Twitter! Made or saved money by following these charts? Consider sending a tip or donate towards the analyst's pain management fund.
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Disclaimer: The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations by Pot Stocks - These are theories and ideas using a chart analysis method developed by Nick Caskey.