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CGC Key Structural Resistance| Higher Lows| Equilibrium

Hello traders,

Today’s chart update will be on CGC where a trend chance is upon fruition if key levels are broken (Inverse head and shoulders still valid from previous chart – linked)

Points to consider
- Higher lows evident
- Major support at POC
- Structural resistance yet to break
- Stochastics in upper regions
- RSI bouncing off support
- EMA’s holding support
- Volume declining
- Equilibrium probable

CGC has put in consecutive higher lows as trend change comes close to fruition. Major support is found at the POC, strong level with buy pressure as volume of transactions peaked. This is a must hold level for the bulls in order to keep a bullish bias.

Staunched structural resistance in confluence with the .50 Fibonacci is a critical level in the trend that CGC must break to establish a higher high.

The stochastics is currently in the upper regions, can stay here for an extended period of time, however lots of stored momentum to the downside. RSI is currently bouncing of support, an established trend line, a break will increase the probability of testing lower levels.

EMA’s are currently holding CGC support, must hold true when structural resistance is broken. Volume is declining, signalling a move is imminent in either direction, bearish and or bullish.

Overall, in my opinion, CGC has a probable equilibrium forming near key structural resistance which has been tested multiple times. The more times a level is tested the higher the probability of it breaking, which in this case will confirm the trend change.

What are your thoughts?

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And remember,

“Focus, patience, wise discernment, non-attachment —the skills you acquire in meditation and the skills you need to thrive in trading are one and the same.”
― Yvan Byeajee,