Technicals - CRON 9.78% broke out of a strong resistance today but failed to hold. Price is back within the parallel channel . In addition, RSI is diverging from price action. These are really simple, but strong bearish signals.
Fundamentals - Following the success of Tilray 38.12% , CRON 9.78% soared two days in a row, breaking new highs. However, no significant fundamental news within the company justifies such a jump in prices. I believe that the 560% change in price in 52 weeks is clearly an overreaction and could lead to a massive dump. Institutional investors are massively short on Cannabis stocks in general; CRON 9.78% is overpriced and will drop back down to the $9.13-10 level.
Fundamentals - Following the success of Tilray 38.12% , CRON 9.78% soared two days in a row, breaking new highs. However, no significant fundamental news within the company justifies such a jump in prices. I believe that the 560% change in price in 52 weeks is clearly an overreaction and could lead to a massive dump. Institutional investors are massively short on Cannabis stocks in general; CRON 9.78% is overpriced and will drop back down to the $9.13-10 level.
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Still in the trade, I'm watching for CRON to bounce on the parallel channel and give us another long opportunity
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